- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Paying taxes on a gifted privately sold vehicle
Posted on 2/10/16 at 11:35 am to LSUFanHouston
Posted on 2/10/16 at 11:35 am to LSUFanHouston
The only time the IRS expects to see a gain from the sale of a vehicle is when the vehicle has been used in a trade or business, and depreciation has been claimed. Otherwise, the IRS works on the presumption that vehicle decline in value over time. The IRS will not even be aware of the sale until it gets reported on a tax return. Why bother reporting the sale of a personal asset at a loss?
1
Posted on 2/10/16 at 12:07 pm to Poodlebrain
quote:
Why bother reporting the sale of a personal asset at a loss?
I would not.
I was responding to how the IRS would view the basis of a vehicle.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News