Do I have to declare profit I make if I sell a car?
Answers:
LEGALLY YOU DO HAVE TO DECLARE A PROFIT, IF YOU MADE A PROFIT. I.E. YOU PURCHASED THE CAR FOR $1000.00 AND SOLD IT FOR $1500.00, YOU ARE SUPPOSED TO REPORT THE $500.00. THAT BEING SAID I HAVE SOLD MANY, MANY, MANY CARS (SOME AT A PROFIT, SOME AT A LOSS) AND HAVE NOT REPORTED ANY OF THEM.
1 car,no more than 1 yes!
I wouldn't
If its your private car than no.
if its a cash sell yaaaa
if by chequeeee yaaaaaaaaaaa
pay ur taxes honestly
Yes, legally. It's ordinary income.
Technically, yes. Do most people who are not in the business of selling cars, declare a profit? No.
My other question would be, whether or not you put money into the car to repair it or fix it up. If you did, that would count against any profit you made. You could also count the reasonable cost of your labor against any profit you made.
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