Reply to "Selling / taxes"

joules"Racing is Life, anything before or after is just waiting" - Steve McQueen

Your car is capital asset, so yes capital gains tax is payable on the appreciated amount (profit) over your initial purchase cost plus any upgrade dollars you invested in getting the car to it's current condition.

The percentage capital gains tax on classics and collectibles depends what tax bracket you are in, but figure 20% if you owned it more than year (long term capital gain).

6/2/173:09 PM

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