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Your Q almost makes no sense.
Only if your car was repoed and sold for more than the debt/basis, did you receive anything yourself...and then the question would still be what your basis is in it (that is your cost plus all those other things like the repo fee's, vs what you received).
If your the one repoing it...it is essentially a business transaction. in most places you can' make money on the repo anyway.
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∙ 15y ago
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Does an individual who sells a used car have to pay taxes on the money collected for the sale of the car?
Legally he has to pay income tax on the net profit from the sale. It is income and therefore is taxable.
Can your car get repod if you have the title?
If you've used it as security for another loan, yes.
Can a matured car loan get repo?
Any car you owe money on can be repod, unless you file bankruptsy
How much taxes do you pay if i sale a car in NC?
If it is a private sale between two individuals then you shouldn't have to report it on your income taxes at all. If you have used it in business or taken business mileage deductions then you probably will have to report the sale on your tax return. You will use the Sale of Business Assets Form and calculate the basis and sale price based on information you did not provide here.
You sold your car and signed the title over but the buyer never registered it 5 years later the car was abandoned and you were contacted to pay the towing and storage fees are you liable?
Not if you have a copy of the bill of sale. Not if you claimed the sale as income on your annual taxes and have documentation so proving.
When you buy a used car in Illinois does the seller pay any taxes?
He pays income taxes. You pay sales taxes.
Is there tax to pay whe selling a unregistered car?
YES. There should be some income taxes paid for the sale of a capital asset by the seller on the 1040 federal income tax return. And by the buyer some taxes to the DMV when they try to register the unregistered vehicle that they are supposed to have purchased from the seller of the unregistered vehicle.
How much is taxes on a new car in Oklahoma?
Exise tax is 3.25% of the retail sale price. No sales taxes.
What is the car dealers net income?
A car dealers net income is the amount of money he makes after all expenses, bills and taxes have been paid.
What is a car quote?
A car quote is a proposal for the sale of a car from a dealership. It includes the price of the car, the value of the trade-in, taxes, and other costs.
What is the sales tax rate when selling of the car?
Sales taxes and ownership taxes are assessed by cities, counties, and states. Most often the taxes on a new or used car sale are based on where you currently live, not always on where you buy your car. Almost always, the buyer of the car pays the sales taxes, not the seller.
If you have owned a classic car for over 10 years and get a profit on the sale with appreciation do you pay tax on the sale?
The purchaser pays the taxes.
