You're wondering if you've got taxable income from a car sale. Whether the money you receive from a car sale is taxable income depends on a few criteria. If the car was used in a business and you wrote the purchase off, you have to calculate gain or loss and if you made money on the sale, and you will have to pay taxes on it. If the car was used personally and you make money on the sale, or sell it for more than what you paid, you will have to pay taxes on it.
Is Selling a Car Considered Taxable Income?
September 21, 2010
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