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Sold for $203,000. How would you do your Taxes on that? Can you write anything off? What would the IRS get?
Quote from: tesgt350 on April 20, 2021, 04:03:19 PMSold 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.
Dumb question: How do the feds find out?
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?