Deleted
Joined: Nov 24, 2024 9:20:47 GMT -5
Posts: 0
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Post by Deleted on Jan 28, 2021 17:20:47 GMT -5
If I sell my car directly, aka CarMax, private sale, etc., is the amount I receive taxable income? DH suggested I find out before I make a choice between sale and trade-in. TIA!
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rangerj
Junior Member
Joined: Jan 21, 2011 13:39:35 GMT -5
Posts: 242
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Post by rangerj on Mar 1, 2021 19:35:58 GMT -5
If you sell the vehicle for more than your adjusted basis, that is what you paid for it plus improvements, not minor repairs, less depreciation deducted if you used the vehicle for business. If it is simply a personal vehicle then there is no taxable gain if you receive an amount equal to, or less than what you paid for it.
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