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) |
neo914-6 |
Mar 5 2005, 03:40 PM
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#2
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neo life Group: Members Posts: 5,086 Joined: 16-January 03 From: Willow Glen (San Jose) Member No.: 159 |
This was years ago but a Honda/Acura mechanics shop where I took my old Honda used to buy theft recoveries, restore them, and sell them. He told me if you did ~12 a year showing your intent is business, then you would have to report it. He kept it "under" 12. (IMG:http://www.914world.com/bbs2/html/emoticons/laugh.gif) Check your local accountant to be sure!
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