Selling Your Car?

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econo racer
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Selling Your Car?

Post by econo racer » Fri Apr 05, 2019 3:59 am

If you have owned your car for more than 30yrs. and sell it for say 18K. What all do you do. Do I report it to someone?

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Re: Selling Your Car?

Post by ZIGGY » Fri Apr 05, 2019 1:55 pm

In general, if the vehicle was personal use only with no business connection, no.
Typically the buyer will have to pay sales tax on the purchase.
If you live in some greedy state like Massachusetts, maybe.
Also, depending on how vehicle registration and tags are handled in your state,
you'll want to make sure the title and tags are transferred out of your name.
Look on-line or call your state vehicle administration for answers.

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Re: Selling Your Car?

Post by Keith Morganstein » Fri Apr 05, 2019 8:36 pm

The buyer pays the sales tax in Massachusetts too.

However, if you sell the car for more than you have invested in it, the difference is a capital gain. Capital gains are reported on schedule D, form 1040. I doubt many private sales report that capital gain though.
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Re: Selling Your Car?

Post by ZIGGY » Sat Apr 06, 2019 1:11 pm

There may be more to your situation. You mentioned "30 yrs". Consult a tax practitioner
about classic car/wasting assets capital gains tax exemptions. Also
for help calculating the basis, or what you have in the car, vs. the sale price if it
is subject to Federal tax.

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Re: Selling Your Car?

Post by Mummert » Sat Apr 06, 2019 2:01 pm

Have the buyer bring cash, and use your imagination.
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Dave Koehler
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Re: Selling Your Car?

Post by Dave Koehler » Sat Apr 06, 2019 8:47 pm

econo racer wrote:
Fri Apr 05, 2019 3:59 am
If you have owned your car for more than 30yrs. and sell it for say 18K. What all do you do. Do I report it to someone?
Will you be using that dingle berry hone?
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Re: Selling Your Car?

Post by exhaustgases » Thu Apr 11, 2019 10:30 pm

Just remember to subtract all the maintenance, parts and labor.

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