Hi,
I bought my car (personal use) in August 2020 for around $13,000.00 (including tax, tags, title) and traded it for a new car in November 2021. The trade-in allowance I got for it was $16,000.00. Is this $3,000.00 difference subject to capital gains tax? How would I report it since I didn't get any tax documents like a 1099 and can I include the sales tax, tag and title fee, optional fees like documentary fees, etc. in the capital gains base if it was taxable?
Thanks!
