Selling a car for cash?

[68BabyBlue]

Took a cashier's check when I sold the Max 3 weeks ago. I called my tax accountant and he said it was a capital gain. I paid 3 grand for the car in 1985 plus there's going to be a WHOLE bunch of storage that I can account for over 40 years!

My CPA for 40 years was also a car collector. He told me that if you truly tracked all your ownership costs, if was nearly impossible to generate a capital gain. On two of my cars, he was able to show a significant capital loss, which I was able to use as an offset for profits on my business.

 

[Jerry Hall]

Storage, maintenance, repairs, upgrades. They will owe you.

 

[Richard Cranium]

Took a cashier's check when I sold the Max 3 weeks ago. I called my tax accountant and he said it was a capital gain. I paid 3 grand for the car in 1985 plus there's going to be a WHOLE bunch of storage that I can account for over 40 years!

I wouldn’t say anything at all.