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is there capital gains tax on an auto sale

Customer Question
if i bought a car...
if i bought a car and completely refurbished it and sold it for substantially more, is there capital gains tax.
Submitted: 11 years ago.Category: Tax
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Answered in 8 minutes by:
9/11/2006
Tax Professional: RD, Certified Public Accountant (CPA) replied 11 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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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.


Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!



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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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RD
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Category: Tax
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