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S
soflenjbaugh
Level 2
June 5, 2019
Question

Do I have to report a profit on my taxes if I sold my classic car for $1404 more than I paid for it and if so, how do I do that?

  • June 5, 2019
  • 3 replies
  • 2 views

  I had my 1968 Mustang for 18 years and added improvements which increased the value. 

3 replies

O
Level 15
Opus 17Level 15
Level 15
June 5, 2019
Did you keep records of your costs?
S
soflenjbaughAuthor
Level 2
June 5, 2019
Yes, but I misposted, I sold it for $3050 more than I paid and kept records showing improvements of $1404
O
Level 15
Opus 17Level 15
Level 15
June 5, 2019

Yes, you have a long term capital gain.  The tax is 15% (for most people) on the increase in value (gain). 

If filing online, you'll need the Premier version.  Add it under income from sale of stocks and other assets.  Type of asset is "something else".  For cost basis, use the cost plus cost of improvements.

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