I feel truly lucky to have bought a car in Oct 2020. I dream of selling it for that sweet above-what-I-paid price point... but these stories help sober me up
> I feel truly lucky to have bought a car in Oct 2020. I dream of selling it for that sweet above-what-I-paid price point... but these stories help sober me up
Similar story. Bought a specific car that felt like it was already at the bottom of its depreciation curve October 2020, and nine months later, other dealers offered me 26% more than I paid for it.
Odd question: would you need to report (and pay tax on) the capital gains if you did sell the car for more than you paid for after buying it 12 months prior?
"KEY TAKEAWAYS
Personal use property is used for personal enjoyment as opposed to business or investment purposes.
These may include personally-owned cars, homes, appliances, apparel, food items, and so on."
"Technically, the Internal Revenue Service (IRS) considers personal use property a capital asset and treats it differently than other types of property or assets.2 Taxpayers cannot deduct losses on the sale of personal use property, while a gain on the sale of such property is subject to taxation.3"
Similar story. Bought a specific car that felt like it was already at the bottom of its depreciation curve October 2020, and nine months later, other dealers offered me 26% more than I paid for it.
I'm thankful.