is this subject to federal taxes like selling a house?  

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spadekevin
Active Member
Joined: 4 months  ago
Posts: 8
27/07/2018 2:59 pm  

Hello,

 

I'm going to sell my ancient Mustang. I know the state has a sales tax, but is this subject to federal taxes like selling a house?

If so, I am not sure what to use as a basis price. I bought it new for $2500 (bill of sale is long gone, confiscated when I registered the car) and of course I've paid for many repairs over the decades.

Please help 

 

I didn't find the right solution from the internet.

 

References:

https://www.bogleheads.org/forum/viewtopic.php?t=191139

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Thank you


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