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With the exception of collectibles and/or antiques, cars lose value over time. However, if there is a gain or profit from the sale of any vehicle, the gain or profit is taxable and reported as a capital gain on Sch D of IRS form 1040. It is usually taxable on most state and local income tax forms. If the the taxable income reported on the federal return is transferred to the state/local tax form, then there is no need to report it on the state/local return since it is included on the federal return.
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Is it legal to privately sell a car registered in FL in another state and would the buyer have to pay FL taxes or in their state?
Yes it is legal. You can sell the car in any state. The taxes will be paid in the state that the buyer registers the car in.
How did Henry Ford start his business?
he made a car, so he decided to sell it, to make more money.
Where can I sell my car for money?
You may sell your car for money at any used car dealing store. You may also try selling or trading the car at car trading stores.
Can you sell car as private person without paying tax?
No. Taxes are mandatory.
What to do when you sell your car?
Take the money and run..
I will not be able to afford my car note and want to sell it but i don't have the title what can i do?
The only way you can sell the car is if you sell it for enough money to pay the bank off to get the title to the new owner. If you sell it and keep the money that is a crime.
Can a car dealer sell a car to a person that does not have a job?
Yes...as long as you have the money (or the credit), a dealer can sell you the car, regardless as to whether or not you have a job.
Will your daughter have to pay taxes on car put in her name?
She is technically liable, yes; but that doesn't mean you can't give her the money or part of the money to pay these taxes with.
How much are taxes on a car for an even trade in South Carolina?
allot of money
How do you sell a upside down car?
If you mean you still owe money on the car you don't sell it unless you can take the money and pay off the loan. The bank really owns your car and the pink slip, so if you sell it without the loan getting paid you still owe the money to the bank.
Can you buy a car from Canada if you live in California?
How much money do you have? Check on duty taxes.
Who was so stupid they sold their car for gas money?
nobody because nobody is stupid in off to sell their car for gas money
