FJ5 1970 440
Active Member
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.............
COLLECTOR CAR SALES & INCOME TAX RETURNS.
- Thread starter FJ5 1970 440
- Start date
I am no CPA, but due to the value you might have to report capital gains.
Tax Advantages of Classic Car Investment
Tax Advantages of Classic Car Investment
Avalanche
Well-Known Member
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
Active Member
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
Well-Known Member
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.
Challenger RTA
Well-Known Member
Well no. It would be 2027 when you would file if needed be. If the inflation was factored in what you paid for it and from the time you bought it. Then the maintenance factored in to keep it in the state that it is. I think that would be a fair assessment. You pay 10k 20years ago. What can 10k buy now. But then were factoring in an other three letter agency.
The Government and it's agencies do not generate an income. They take from the ones that earn it the hard way. CEO's get a free ride. I never begrudged a company for what they make. They take the risk. As long as I and others got fair compensation. The Government always gets everybody's share. Well I could go on! I'm going to stop! before I get #%$^$.
It's seems like you are better off selling it off in parts. But then how is it titled?
I'm just here too waiting for an informed opinion.
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