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.

 

[Challenger RTA]

2026 income taxes

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.

 

[FJ5 1970 440]

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.

RTA;
I spoke with a big car guy up here and if you want to be a super legal Eagle about it it's an accounting nightmare. Unless you're going to make ridiculous money you're better off breaking even or loosing a couple bucks. At least in my application, other people in different states may see it very differently. it's really the kind of thing that's unique to every individual. All that said, KEEP EVERY RECEIPT.......... Do your homework before you sell.............

 

[rklein71]

If we could deduct the expense of our time, for the DIYers, we would never make money.

 

[Katfish]

Let's be honest, no one makes money on these cars.
I'm sure someone will say "I did, I bought it for x and sold it for y".
That's not the whole story, gas, insurance, storage, registration, tires, etc.........
Only the dealers make money, they have nothing invested, except advertising.
I keep a very detailed spreadsheet spent on my car, it's 2-3x what the car is worth, and that's not including labor.
It's a hobby, I spend a crap load on golf too, not expecting to get that back either.

 

[Challenger RTA]

I'm sure someone will say "I did, I bought it for x and sold it for y".

Yeah but they didn't tell you. They ended up with Z = Zero!

 

[FJ5 1970 440]

Let's be honest, no one makes money on these cars.
I'm sure someone will say "I did, I bought it for x and sold it for y".
That's not the whole story, gas, insurance, storage, registration, tires, etc.........
Only the dealers make money, they have nothing invested, except advertising.
I keep a very detailed spreadsheet spent on my car, it's 2-3x what the car is worth, and that's not including labor.
It's a hobby, I spend a crap load on golf too, not expecting to get that back either.

Nailed it........................