if you buy a vehicle and sell it in the same year do you have to claim it on your taxes?

1 ⤊

in the state of oregon and for the same price

2007-11-20 06:05:47 · 3 answers · asked by Tifphany B 1 in Business & Finance ➔ Taxes ➔ United States

You do not need to claim vehicle purchases or sales on your tax returns. It is not a big investment like a house.

2007-11-20 06:41:16 · answer #1 · answered by Mrs Apple 6 · 0⤊ 1⤋

You would only claim the sale of personal vehicle if you sold at a profit and only the profit would be taxable.

2007-11-20 06:43:20 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋

No, you wouldn't have a profit so there would be no tax consequences, and no reporting needed.

2007-11-20 06:45:31 · answer #3 · answered by Judy 7 · 0⤊ 0⤋