Thread: Selling your car and taxes

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Any cash deposit of over $10,000 is reported. Checks are not cash. Transactions between private individuals do not require the seller to collect sales tax in most states. Buyer may be responsible for tax, most states do not tax private sales.

IF you sell car for a profit, the profit may be subject to some state tax. IRS doesnt ask about a single car sale profit....who ever makes a profit on a private car sale?

if you buy one of mine you buy it through the banks. i will not accept your check nor will i do a cash transaction .