Question about taxes on a sale price

[GetX'd]

I would think if you took pictures you probably would have kept the bills !!!

Well don’t be so quick to think what everyone does. I stated pics of stages with receipts for major parts of the restore. I don’t keep receipts for everything I bought. Read my post before you criticize what it doesn’t say.

 

[Richard Cranium]

Look at it this way.....

The amount of funds deposited into one's personal account for the sale of a vehicle is pocket change in comparison to the billions of dollars trading hands throughout the country on a daily basis.

That said, I'm assuming that what is being sold is an average run-of-the-mill B-body, not something like a Hemi 4-speed Daytona or a '71 Hemi Cuda convertible.

 

[steve from staten island]

Don't look for legal advice on the internet, seek out a attorney
Don't look for medical advise on the internet, seek out a doctor
Don't look for answers on tax questions on the internet seek out a CPA.

 

[ws23jrt]

Don't ask legal questions -that others may have tasted-- on the internet.
Don't share medical experiences -that others may have endured--on the internet
Don't complain about the ridiculous complexity of tax law on the internet.

Turn the "internet" off. --Open conversation is hazardous to life.

 

[gkent]

So, minimizing the amount of tax you pay to the govt is an individual's right

You have the right to bear arms but you don't have the right to pointlessly shoot someone.
You have the right to "legally" minimize the tax you pay - not reporting income for the purpose of tax avoidance is a crime.

But a simple fact is that I don't give a **** what you do. Someone asked a question and we're all giving our 2 cents. Hopefully the OP is smart enough to take it for what it is ...opinions.

 

[NJRR]

Someone asked a question and we're all giving our 2 cents. Hopefully the OP is smart enough to take it for what it is ...opinions.

Exactly- except some opinions are right and some are wrong.

 

[MarPar]

Don't look for legal advice on the internet, seek out a attorney
Don't look for medical advise on the internet, seek out a doctor
Don't look for answers on tax questions on the internet seek out a CPA.

Cmon Steve-o

 

[steve from staten island]

Cmon Steve-o

If i wanted to know about a what makes a great steak id ask a pro, you! Point being i hate to see a guy make a mistake on a important decision.
Edited

 

[5.7 hemi]

Have the guy pay in increments of 8k that way the IRS isn’t notified due their 10k a day deposit requirement.

Now go have a beer and watch the money roll in.

 

[Crackedback]

Sales price minus Basis (purchase cost + improvements) = cap gain/loss on sale.

Same as selling a house.

Personal property you are not allowed to write off any cap loss from a sale, yet, you are supposed to report any gains.

I used to do this **** for a living and beat the IRS EVERY TIME my clients had an audit!

 

[tlt23]

Dont drive it and classify it as a piece of art. Then you can defer the capital gains into another piece of art upon selling it. (i read that people were doing this for expensive cars to get out of paying the tax)