UH OH, Taxes on 4Runner Sale?

[ElectroBoy]

Unless you’re in the business of restoring and reselling cars, or just got lucky, most of us have never sold a private used car for a profit. I bet most of the people jumping into the covid-carvana selling frenzy haven’t thought much about how their profit will be taxed as a result.

 

[triethylborane]

[MENTION=654389]Humble Leader[/MENTION]
Yes but what you can do is report the "sale" as a gift via filling out a certain DMV form when you register the vehicle in your name which will qualify it as tax exempt...

This varies by jurisdiction but usually the gift must be to an "immediate family member" with no consideration; assuming a debt is consideration.

 

[Kamalani Mahie]

This varies by jurisdiction but usually the gift must be to an "immediate family member" with no consideration; assuming a debt is consideration.

Ya the wording is a bit vague but it's a viable option. "Close family friend" too