Quote:
Originally Posted by PorscheGAL
Not considered income. Your ownership time excludes it as income.
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time flips the funds to a long term CAPITAL GAIN if you made a profit
note only the gain is taxed not the whole amount and at a very REDUCED RATE
so if you got the car for 40k years ago and sell for 80k you owe 40k in capital gains
minus some added costs of ownership
but if you paid 90 a few years ago you lost ten k and no tax