Posted by docmirror on April 25, 2017 at 20:16:01 from (107.213.165.255):
In Reply to: Capital gains ??? posted by Eldon (WA) on April 25, 2017 at 19:48:31:
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The very short answer is yes, you would. As an asset, or personal property which is a 'major' purchase, the expected value of the asset/property is that it will decline on some scheduled rate from its basis. 'Losing' money on a car over time and use is the expected condition, and there is no offset when you sell a car for profit(presuming it was a profit, and not restoration, or repairs that you can show $5000 in materials and labor were expended to sell it).
The longer answer is 'it depends'. Since you stated this is a non-business, you could consider it hobby income, and it would be taxable, based on the deductions from other losses directly related to your hobby. In most cases, you are not eligible for hobby losses. Same with gambling, you don't get to deduct your losses, but you DO have to declare and pay tax on your winnings, even if it is not your business.
Generally speaking, income from whatever source is taxable, except the specific tax free investments(muni bonds, etc). Losses have to go on a schedule from a business where we get into Sched A(business itemization), D(where you report the sale of your car for profit), E (rental income/loss). Few people report the income from stuff like this. And, unless you get a 1099-MISC, no one will ever know.
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