OT:When You Sell a Car/Vehicle, 1 or 2 a year do you report it to IRS? |
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OT:When You Sell a Car/Vehicle, 1 or 2 a year do you report it to IRS? |
Bruce Allert |
Mar 5 2005, 01:31 PM
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#1
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Hellions asleep Group: Members Posts: 3,289 Joined: 19-March 03 From: Eagle Creek, Orygun Member No.: 441 Region Association: Pacific Northwest |
I've sold a car now and then, maybe 1 a year and I was told that I should report it as income. I figure I initially paid for the car and actually lost money due to depreciation so I feel I shouldn't need to report it.
What'cha all think or know??? thanks.........b (IMG:http://www.914world.com/bbs2/html/emoticons/beerchug.gif) |
Porsche Rescue |
Mar 5 2005, 02:29 PM
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#2
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Saving and Enjoying Old Porsches Group: Members Posts: 2,978 Joined: 31-December 02 From: Bend, Oregon Member No.: 64 Region Association: None |
I believe if you make a profit after costs it is technically income and as such reportable. I also believe that only dealers in the business actually report.
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