 No federal tax law..? |
Someone recently told me there is no law that says an american citizen must pay a Federal income tax. He also goes to claim that anyone imprisoned for not paying taxes is being illegally held.
I... |
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 Do I have to pay taxes on what I get paid for watching my friends child? |
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 Why didn't my husband and I get $1200 for our stimulus check? |
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 Will my employer give me a 1099? |
I work for a couple(childcare) I keep theie daughter, my boss gave me aprint out of what I had made year to date titled "tax information" Shouldn't I receive a 1099 from her?
W... |
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 Pls. help me i hv recvd a mail from uk of winning of 500000 sterling pound in uk national lottery.Is it true? |
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 Is there anyone scheduled to receive their tax return today and don't have it credited yet? |
(2/15, 12:19 EST).
...And is your bank First Citizens bank?
Additional Details
For those that have received their return via direct deposit, does the "Wheres my refund&... |
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 Is tax evil? |
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AMT was developed to make sure that the "rich" pay enough in ... |
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 How does one go about stoping your employer from taking out FICA taxes? |
Additional Details
Maybe I should rephrase the question and ask...where do I found out how to become exempt from paying FICA -how do I qualify?... |
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 Whether we can file Married Jointly or Seperately? |
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 Can I go to jail???Help me? |
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 Am I required to give my social security number to a new employer? |
I'm being offered a job, but the company is not very well known, and I'm not sure if it's legit just because of all the scams out there.
They sent me a contract and tax ... |
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 What do i do if i didnt file my taxes last year? |
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 Stimulus rebate ? Ok someone please help I have a head ache? |
Ok, I have been reading, that if you used HR & TubroTax or something like it you will have to wait for a paper check.
However I filled on line with TubroTax and my monies were direct ... |
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 As a business owner, is the drive to and from work tax deductible? |
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Sal | If I sell my car to a private buyer for over $10,000 do I have to report that income to the IRS or state? |
sounds like an easy question, but I haven't heard a straight answer yet from anyone. |
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TaxGurl
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You report the profit. If you paid $8000 and that is the fair market value but you received $10,000 for it, then you would report $2000 as profit and income.
If the fair market value was $12,000 but you sold at $10,000 then you did not make a profit but you do not get to deduct the $2000 loss either.
Find the blue book value of the vehicle or have a reliable appraisal of the car's value. I believe CarMax will give you an estimate on it. From there, you can determine if you made money on the sale.
But, no, you do not need to report the entire transaction as income. |
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tma
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If you sold the car at a gain, you would report this on Form 1040 Schedule D. You would also need to know your cost basis.
If you sold the car at a loss, you would not report it as the loss is not deductible. |
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ninasgramma
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What did you purchase the vehicle for? Was the vehicle used for business purposes?
If it is a personal use only vehicle, and you purchased the vehicle for more than the sales price, then you do not have to report the sale as income.
If you purchased the vehicle for less than the sales price, then the gain on the sale goes on Schedule D and you will pay capital gains tax on the difference between the sales price and the original purchase price.
If the vehicle was used in business, you have a more complicated situation since it is partially a business asset and you have to account for previous deductions you may have taken. Use Form 4797 and transfer any gain to Schedule D. |
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growing inside
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Only if you sold the car at a profit from when you bought it. |
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tonalc1
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You have to pay taxes on the profit from the sale. It's income and therefore taxable. However, how it's valued and what you have to pay may vary by state:
http://www.ncsl.org/programs/fiscal/autotaxs.htm
Add: re the above--of course there's a paper trail; you have to report the sale price on the transfer paperwork. |
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apreston60
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it depends if you use it as part of a business or not if it was part of a business operation you may be eligible for business depreciation tax credit, if you are just selling it as a individual owner probably not it is most likely that the car has depreciated during your ownership and would not have to declare it as a capital gain. |
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Missy
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You absolutely do. The buyer had to report the purchase price when he registered it at the DMV... there's your paper trail. If the buyer reported a price other than what he paid, you may want to ask him what he reported so you can report the same. |
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kai
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Yes you have to. I do taxes, and this is other income. If you buy another car or do something with the money that may qualify, and maybe taken into consideration. |
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Peggy K
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If you're totally, brutally honest on your federal tax return... you'd report it as "Other Income."
However, most people don't. If there's not a clear paper trail, most people would ignore it. Honestly, I sincerely doubt anybody would report such a sale on any return if there was no paper trail. |
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Geeeyaaa
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I think the buyer gets a deduction on his taxes. |
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