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RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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is there capital gains tax on an auto sale

Customer Question

if i bought a car and completely refurbished it and sold it for substantially more, is there capital gains tax.
Submitted: 10 years ago.
Category: Tax
Expert:  RD replied 10 years ago.

Yes...any gain on sale of a capital asset is subject to capital gains tax unless you are into this business in which case it is subject to tax as ordinary income.

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Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

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