The IRS and selling personal cars???

[Jeff H]

Hmmm. The problem I have with a definition like that is if I invest $80K into a restoration of my hard earned money that has already been taxed, then I need to sell the car for some unexpected reason and manage to sell it for the amount I paid plus the restoration, I should not have to pay tax on the money I received for the car since it was already taxed. I did not make a profit on the car so therefore no Capital Gains.