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Will you have to pay taxes on the money you make from selling a car?
Wiki User
∙ 13y ago
With the exception of collectibles and/or antiques, cars usually 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.
Wiki User
∙ 13y ago
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How do car dealerships make their money?
There are many ways that a car dealership makes their money. They make a large chunk of their money from selling cars.
How much money does England make from selling cars?
it depends on the car
Do you have to pay taxes on money you received from selling your car to car max?
Only on any part that was considered profit on your part. But there is unlikely to be any of this unless you somehow succeeded in selling it at well above its market value.
Where can I make the most money selling a used automobile?
You will make the most money selling a used vehicle in a private sale, likely one that carries no fees. Alternatively, you can try to sell your car at an auction.
Why do they build expensive car?
Because as long as there are people willing to pay for it, a company can make money from selling it.
Car salesman pay?
Most car salesman get commission. So few make a decent amount of money unless they are selling vehicles regularly.
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.
How much money do a car salesman make a yearwhen selling new cars?
work for one and see... What a stupid question......
Do you have to pay taxes when selling a car in Canada?
no no you do not. Mexicans will buy it cheaper and they wont charge tax.
Can the owner get money back when a repossessed car is sold?
If they actually make money on the sell of the car, YES. But the odds of them selling it for enough to cover all of their costs and have something left over is slim to none.
How much money do you get for selling a car back to the dealer?
Not enough. Don't do it.They will only offer you low average wholesale at best, because they want to make a profit on resale of the car.Consider selling the car yourself, or hire someone to do it for you.
I'd like to make a donation of my car to get a tax deduction, if they make a lot of money selling it do I get a bigger deduction?
No, your deduction is completely exclusive from the sale price
