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In this Discussion
- Kevin C. November 2011
- Lee ODell November 2011
- wrenchmaster November 2011
Taxes on collector cars
-
I was hoping someone could educate me on the tax implications when buying and selling classic cars.
If i were to purchase a vehicle and sell it for a profit , would taxes like capital gains apply? -
Does anyone know how this works?
-
You would get better legal advice to ask your tax preparer that question. Al Capone and others asked the wrong people for advice about their taxes.
Have a great Christmas.
Lee O'Dell -
As Lee stated, you should consult a tax professional.
Basically. If you purchase a vehicle and then turn around and sell it in less than one year your gain would be treated as ordinary income. If you sell it after a year your gain would be subject to capital gains tax.
Kevin C.
