COLLECTOR CAR SALES & INCOME TAX RETURNS.

[FJ5 1970 440]

I live in Minnesota and am considering selling my "cuda, if I sell it, do I have to show that money on my 2026 income taxes? Not much for helpful info out there. Your thoughts????? Thanks.............

 

[B5blueGC]

I am no CPA, but due to the value you might have to report capital gains.

Tax Advantages of Classic Car Investment

 

[Avalanche]

I think you have to. Find every receipt you can. You can deduct every part, labor and any expense you had to get the car as is.

 

[FJ5 1970 440]

I think you have to. Find every receipt you can. You can deduct every part, labor and any expense you had to get the car as is.

Considering what I paid for the car and what was put into it there's no way I'm going to make money. Which is fine with me because it's been an absolute blast. I am going to make a copy of all the receipts though before I pass them on to the new owner.

 

[Avalanche]

Considering what I paid for the car and what was put into it there's no way I'm going to make money. Which is fine with me because it's been an absolute blast. I am going to make a copy of all the receipts though before I pass them on to the new owner.

If your not making money, I don't think thete is anything to report. I would ask you tax guy to make sure. Keep all your records.