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| *Loan,banking and credit>>>car tax |
If I sold a car last year, do I have to report the income when I file taxes? |
If I sold a car last year, do I have to report the income when I file taxes? if you were deducting expenses or depreciation for the car on your tax return, then yes. if you are in a trade or business of selling cars, then yes. if it is just a sale of your personal vehicle, no. No. The buyer of the car is the one who is resposible for paying the taxes. Sold a few cars in my time. No, the buyer repsonsible for the sale tax. I sold a few car too. As I understand the question, it relates to income taxes rather than sales taxes. You have income if the amount you received on the sale is more than your cost basis in the car. Cost basis is the amount you paid for the car, minus any amounts previously deducted as depreciation, etc. If is your personal car, then you would only have to report it if you received more than the amount you paid minus any depreciation deductions you took. |
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