The IRS and selling personal cars???

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The IRS and selling personal cars???

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01-21-2004, 03:44 PM

MGINLA

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Join Date: Jan 2004

Location: Los Angeles, CA

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Re: The IRS and selling personal cars???

Jeff, you will not be taxed on the full amount only the profit portion. The profit is over and above your cost in the vehicle. You cannot include a cost for your labor if you do the restoration yourself. You also can avoid the tax if you do a 1031 exchange for another car or cars.

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