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Started By
Message
Tax on selling car in LA
Posted on 12/8/25 at 4:13 pm
Posted on 12/8/25 at 4:13 pm
After 20 years here in LA, I sold a car for $8,000 more than I paid for it. Question is that $8,000 income taxable? The car was kept as is and the $8,000 is not related to any mods.
This post was edited on 12/8/25 at 4:16 pm
3
Posted on 12/8/25 at 4:37 pm to Macfly
classic car?
Posted on 12/8/25 at 4:50 pm to Neauxla
I would call it that since it was a Monte Carlo Aerocoupe (bubbled out rear window).
Posted on 12/8/25 at 4:57 pm to Macfly
but no you're not taxed. You're not in the business of selling cars.
Posted on 12/8/25 at 5:41 pm to Neauxla
No, I'm just an owner and not a car dealer, seller/flipper, etc.
This post was edited on 12/8/25 at 5:42 pm
Posted on 12/8/25 at 6:08 pm to Neauxla
quote:
but no you're not taxed. You're not in the business of selling cars.
This is why you don’t take advice on the internet
Posted on 12/8/25 at 9:21 pm to Mingo Was His NameO
Guess I’m wrong! 
Posted on 12/9/25 at 5:44 am to Macfly
Go to Google and ask its AI: do you owe capital gains tax if you sell a car for more than you paid for it?
All will be revealed.
The basic answer is yes, subject to reductions in your basis for costs you incurred to acquire it (sales taxes, shipping, etc.).plus major, long-term improvements. But it's not like there is going to be a 1099 issued. I bet 95% of people who do this do not report it.
All will be revealed.
The basic answer is yes, subject to reductions in your basis for costs you incurred to acquire it (sales taxes, shipping, etc.).plus major, long-term improvements. But it's not like there is going to be a 1099 issued. I bet 95% of people who do this do not report it.
Posted on 12/9/25 at 7:03 am to Twenty 49
It should definitely be taxable but if they will catch you is another story.
Posted on 12/9/25 at 7:50 am to Macfly
They arent going to care or find out about something like that; especially if you had this car a long time
If you bought a car for $150k and it turned into $350k; that they might care about
If you bought a car for $150k and it turned into $350k; that they might care about
This post was edited on 12/9/25 at 7:51 am
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