I'm thinking of selling it to my son-in-law. I'm not going to take any loss -or any deduction-my self-employment income is minimal and I'm phasing it out-- I'm just wondering about recapture. It seems like if I can legally do that it's a better idea, or does the IRS say no?
In Texas for example, if you buy a car from someone for less than the value according to their DMV list you still have to pay sales tax on the car according to their value. Does the IRS also have similar Math with recapture tax?
