WebJul 17, 2024 · As is generally true for used cars at this time, the car has appreciated in value during the lease period. CarMax has valued the car at $27,000. CarMax has offered to purchase the car by (1) paying the lessor the lease residual value (~$17,000) and (2) paying me ~$10,000. Q1. Is the $10,000 payment to me taxable? Q2. WebApr 6, 2024 · As an individual, your deduction of state and local income, sales, and property taxes is limited to a combined total deduction of $10,000 ($5,000 if married filing separately). You may be subject to a limit on some of your other itemized deductions also.
How does sales tax work when buying in another state?
WebWhen you sell your car, only the portion of the selling price that exceeds the adjusted basis of the car is taxable gain. For example, if your car has an adjusted basis of $5,000 and … WebBuying a car from a dealer in Idaho. Car will be registered in Utah. How does this work for sales tax? Should the dealer collect UT or ID sales tax? I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns. clubhouse dvd cover
Where do I report income from selling a car? - Intuit
WebEstimated Income Tax Income Tax Questions Use Tax - Individual Motor Vehicle CARS - Online Renewal Find a Tag Agent Forms & Publications Specialty License Plates Tag, Tax, Title & Fees Unconventional Vehicles Boats & Outboard Motors Rules & Policies IRP & IFTA 100 percent Disabled Veterans Sales Tax Exemption Motor Vehicle Exemption WebMay 25, 2024 · As mentioned above, you do not pay capital gains tax on any proceeds from the sale of a personal car, just like you can’t claim a loss on your taxes because you bought a new BMW for $60k and sold it 3 years later for $30k. ugfish March 25, 2024, 1:19pm #15. WebOct 23, 2024 · As per section 206C (1F) of Income-tax Act, 1961 Seller is required to deduct TCS @1% on sale of motor vehicle above 10lakhs. Also from 01/10/2024 seller is required … cabins for large groups in texas