All Questions
25
questions
1
vote
1
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2k
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Will a purchase of $9500 in cash plus $8000 in check trigger an IRS alert? And should I care? [closed]
If I went to a dealership to purchase a car and put $9500 down cash, and girlfriend gave me a check $8000 totaling $17,500 to go toward the down payment, will the dealership have to file the 8300 tax ...
- 21
1
vote
0
answers
142
views
What to know when buying a used car from Canada?
I'm in the market for a used pickup and I found one with the options I like, but it's in Canada (I'm in the USA). I'm mostly concerned about crossing the border on the way back - it's just a bill of ...
- 11
0
votes
0
answers
51
views
USA Taxes: Reporting loss on sale of new car won in contest
Won new car in contest in Texas USA. Sold for a $5000 loss to dealership. Received form to report win on my taxes. How do I report loss from sale on my taxes?
- 1
1
vote
1
answer
2k
views
In California, how should I report the $1500 income from the BAR CAP vehicle retirement program?
The California Bureau of Automotive Repair (BAR) runs Consumer Assistance Program (CAP) for vehicle retirement.
In a nutshell, if you have an old car that fails a smog check but still runs, you can ...
- 477
3
votes
1
answer
182
views
A car for the director
If as director and sole shareholder of a limited company (in the UK) I want to purchase (or possibly even lease) a car for my use, will I be taxed as an employee for having the use of the vehicle and ...
- 131
2
votes
0
answers
310
views
Is "FMV of like-kind property you received" for a new car the MSRP or the dealership price?
I traded in my old car to purchase a new car (as in, latest year, never been owned before) in the middle of last year. I'm filling out my taxes and TurboTax is asking me to fill out the "FMV of like-...
- 1,345
3
votes
1
answer
175
views
Is a car owned by a trust a "commercial" vehicle?
If a car is owned by a trust, does it have to be registered as a commercial vehicle, or can it be considered a personal vehicle?
Since commercial vehicles have much higher tax rates, this has tax ...
- 9,785
8
votes
2
answers
3k
views
Is it better to trade a car in and save on taxes or sell a car to a private party?
So my mother has a 2012 Toyota, and she is not really into it. She is short and it has poor visibility. I want to get her a 2014 Subaru or CRV but I'm trying to figure out what the best approach is. ...
- 763
3
votes
1
answer
369
views
What maintenance/improvement costs can be included when calculating capital gain on sale of personal property?
If I do restoration work on a car or a boat and later sell it, then there is a potentially capital gains tax liability if I sell it for more than I bought it for. I assume I can deduct money I spend ...
- 9,785
1
vote
1
answer
127
views
Tax deductions on car and/or home?
I just purchased a car and am in the process of closing out a home purchase (which I hope to complete by end of Feb 2017).
Are there any tax deductions on the purchase of a car or home? I looked ...
- 733
1
vote
1
answer
169
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Tax question about selling a car
Hi I am thinking of selling my car. It is a very nice car, and I would have paid quite a bit in sales taxes. I live in Colorado.
I want to sell the car because of a few reasons. Biggest being that I ...
- 123
4
votes
1
answer
2k
views
How is Fiscal horsepower calculated in Spain?
The annual circulation tax (Impuesto sobre vehículos de tracción mecánica) is imposed in Spain on an annual basis based on a Fiscal horsepower. Does anybody know the formula for calculating fiscal ...
- 65
0
votes
1
answer
92
views
Down Payment for new Company Car [closed]
Is there a limit on the amount a business can place on a down-payment for a business vehicle; in the United States of America?
Total Cost: $25,000
Estimated Down-payment: $10,000
Is it commonplace ...
- 103
3
votes
1
answer
1k
views
Buying user car from sibling with totaled amount from Insurance and sibling buying a new car
My car got totaled by my insurance company and I will get a check for about $8500. I plan to give that my money to my sister and take her car. My sister plans to buy a new car with that amount as a ...
- 195
11
votes
1
answer
753
views
With the Fringe Benefits Tax, should I even salary sacrifice for a car?
In Australia, some employers offer an option to salary sacrifice a car purchase. The cost of the car is taken from your pre-tax salary, so your gross income will be less, and therefore, your income ...
- 4,334