Viewing a single comment thread. View all comments

otm_shank t1_ixzji5u wrote

Surely only if there was a capital gain, which would be pretty rare outside of vintage cars or a crazy used car market (admittedly, we have had that recently).

In fact, if you sell to a dealer as a trade-in while buying another car, not only would you not pay income tax on it, but you essentially get a tax credit because the sales tax on the new car is based on the after-trade price.

6