2007-11-08 04:55:13 · 11 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you made a profit, YES.
If you sold at a loss, NO.
2007-11-08 04:57:29 · answer #1 · answered by Wayne Z 7 · 5⤊ 1⤋
1
2016-10-31 19:11:34 · answer #2 · answered by ? 3 · 0⤊ 0⤋
You don't report the sale of your personal asset if you had a loss, which is normally the case. It is rare that some one can sell car at a profit.
If you sold the car at a profit, report it on schedule D (Form 1040). It may be short term or long term capital gain depending upon how long you kept it.
2007-11-08 05:12:05 · answer #3 · answered by MukatA 6 · 2⤊ 0⤋
to piggyback on this question, i have the same question, except i sold a car I had a loan on and made a small profit ($2800). I deposited over $14k to pay off the loan to get the title to the new owner. Banks report any deposit over $10k, so my question is the same. I actually called the IRS and asked them and they seem baffled lol. From what I gathered, I have to pay capital gains tax on the profit I made. Sound right?
2007-11-08 15:49:04 · answer #4 · answered by Mat P 1 · 0⤊ 0⤋
No, not usually, as cars are rarely sold for a profit unless it is a collectors car. Then, like any long term investment, over one year owned, you would only have to pay capital gains tax, which is fifteen percent.
2007-11-08 05:10:03 · answer #5 · answered by H. A 4 · 3⤊ 0⤋
No, you don't have to! If you bought a car then you can use the sale tax that you pay as an expense!
2007-11-08 05:03:33 · answer #6 · answered by crazy_green_eyes 5 · 0⤊ 4⤋
If sold at a gain, yes.
If sold at a loss, no.
2007-11-08 06:49:25 · answer #7 · answered by StephenWeinstein 7 · 1⤊ 0⤋
Of Course you do.
2007-11-08 04:58:41 · answer #8 · answered by Anonymous · 0⤊ 3⤋
The simple answer is NO.
2007-11-08 04:59:31 · answer #9 · answered by crustysob 3 · 0⤊ 4⤋
No.
2007-11-08 04:57:38 · answer #10 · answered by Anonymous · 0⤊ 4⤋