KR vert on BaT

[QuickSilverShelby]

lol

QSS

[shelbymann1970]

Sold for $203,000.  How would you do your Taxes on that?  Can you write anything off?  What would the IRS get?

I'm in Mi and my capital gains on my 68 ran about 25 percent when I sold in 2013  iirc. I had the car also for 7 years. What sucks is that other vehicles I owned at the time if I sold they wouldn't offset my gains. Vehicles are vehicles but not in the eyes of Uncle Sam.

[2112]

Sold for $203,000.  How would you do your Taxes on that?  Can you write anything off?  What would the IRS get?

I'm in Mi and my capital gains on my 68 ran about 25 percent when I sold in 2013  iirc. I had the car also for 7 years. What sucks is that other vehicles I owned at the time if I sold they wouldn't offset my gains. Vehicles are vehicles but not in the eyes of Uncle Sam.

You just get to share the gains, not the losses.

[KR Convertible]

Dumb question:  How do the feds find out?  I have yet to sell a car for a profit, but it could happen some day.  Do states report sales tax to the feds or is it the banks reporting large transactions?

[Bigblock]

Dumb question:  How do the feds find out?

From an Oh BMV friend; the old title is looked at when received in Columbus and the new listed selling price is compared to any previous price on the title or after a certain year(mid 80s) a stored transaction. That data is supposed to be sent to the IRS with whatever address is on there for the seller. When I bought my GTA (76) the seller's name was misspelled on the title and he had moved to SC from Oh. Many years later I asked him about this and he never got anything from the gov. My take is the bmv does the 'best it can' on sending data on. Think about how many car transfers happen everyday.

[2112]

Dumb question:  How do the feds find out?  I have yet to sell a car for a profit, but it could happen some day.  Do states report sales tax to the feds or is it the banks reporting large transactions?

Maybe another reason not to sell at a public auction?

[shelbymann1970]

Dumb question:  How do the feds find out?  I have yet to sell a car for a profit, but it could happen some day.  Do states report sales tax to the feds or is it the banks reporting large transactions?

I was wired the money to my bank account. Gets reported. It isn't worth the hassle so I paid. Keep ALL your receipts. Cash deal? Trades? Well maybe a different story.