Tax question: car sale profit Submitted by andoocampu t3_y7i1lg on October 18, 2022 at 8:34 PM in Washington 12 comments 1
geronimo2000 t1_isuzq4i wrote on October 18, 2022 at 10:04 PM if it's not a "trade or business" it's not going to be taxable income. If it is a business it would not be a capital gain - the resale price would be ordinary income, against which you would take your expenses including the original cost of the car. Permalink 2
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