Thread: Selling your car and taxes

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Hey Andy,

As a fellow '37 owner, I'm sorry to see you're letting it go. I've watched your "build video" several times and you did a nice job with the car! Plus, you went the extra mile and put a Ford engine in a Ford! Hope the new owner really enjoys it!

Does this mean you're going to build another?

Best,
Randy

I'm with Meller. You already paid taxes on the original car, the parts that went into it plus the license and registration fees. You may also have a property tax in your state that needs to be paid yearly. Then there is the fact that you probably will not get back the amount that it cost to build. I have never paid taxes on a 'cash' sale of a car - though the buyer will so take care when you make up a Bill of Sale and not 'fudge' the final figure too much for the buyer - that could come back and bite both of you. Yeah, I know, never ever would you do that

Get cash and when you go to the bank only deposit small amounts at a time. It may take longer that way but you don't raise eyebrows doing it slowly.