4LikesThread: Selling your car and taxes
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10-11-2012 10:42 PM #1
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Bill, although it sounded as if you were disagreeing with me, ( if you run it through the bank it's income ), you actually made my point better than I did.
If you run your sale through the bank, you will have to prove it's not profit. Break out your tax code..
Education is expensive. Keep that in mind, and you'll never be terribly upset when a project goes awry.
EG
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10-12-2012 02:33 AM #2
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Not really, I'll simplify as the bank only wants to make sure it is not money from illicit transactions. Your accountant will set it on a line item for "hobby"(not sure of the right tech term this early AM) and there will be no income related charges when you file your annual taxes.
Originally Posted by firebird77clone
Bill S.Instead of being part of the problem, be part of a successful solution.
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i've enjoyed the years here . made a lot of friends. most who have left. i see no reason to continue with this so hope to see you somewhere else. i dont think this site will ever be back. it's lived...
Dead!