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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?
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.
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