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Reply to "Selling / taxes"

If the car is being considered like Real Property is, then everything that it cost you to maintain it is figured into the equation.

What you pay the landscapers to cut the grass, your heat costs (you need to prevent the pipes from freezing).

The deductible you had to pay on body shop repairs, etc.

The exception would be gasoline to drive it. Even tires, oil changes, wear and tear items should be included.

The longer you own it, the larger the total costs will be. I own mine since 1985.

If you work it right, you will be at a loss unless you had something like a 427 Cobra that you paid $5,000, for in 1975 and just sold it for $1.2 million. That would be a stretch to cover it.

I don't know if you bought a building to house it safely in could be worked in? The accountant I know who tried that is due from release from prison soon I think?

Don't go by what I tell you, get a CPA in your state to do it. Even if you don't have state income tax, you need to pay capital gains on the FED.
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