https://ttlc.intuit.com/community/taxes/discussion/selling-a-car/01/2387787#M852097 <P>&nbsp;I am paying off my car completely to obtain the title and doing a private sell. When it comes to to filing my taxes will I pay captain gains on the total purchase price I am selling it for? I just wanted to anticipate what I need to set aside. Just for example: My car I owe 14,000.00 the buyers are giving me 17,000.00 what would I be taxed on during this process. This is all new to me any help is greatly appreciated!!</P><P>Thank you!</P> Thu, 23 Dec 2021 16:19:06 GMT Taxquestions 2021-12-23T16:19:06Z https://ttlc.intuit.com/community/taxes/discussion/selling-a-car/01/2387787#M852097 <P>&nbsp;I am paying off my car completely to obtain the title and doing a private sell. When it comes to to filing my taxes will I pay captain gains on the total purchase price I am selling it for? I just wanted to anticipate what I need to set aside. Just for example: My car I owe 14,000.00 the buyers are giving me 17,000.00 what would I be taxed on during this process. This is all new to me any help is greatly appreciated!!</P><P>Thank you!</P> Thu, 23 Dec 2021 16:19:06 GMT https://ttlc.intuit.com/community/taxes/discussion/selling-a-car/01/2387787#M852097 Taxquestions 2021-12-23T16:19:06Z https://ttlc.intuit.com/community/taxes/discussion/re-selling-a-car/01/2387794#M852098 <P>Ok ... if this is a personal car never used for business then you will only pay taxes on the sale IF&nbsp; you got more for the car then you paid for it <U>originally</U> ( the loan payoff amount is immaterial).&nbsp;&nbsp;</P> Thu, 23 Dec 2021 16:26:03 GMT https://ttlc.intuit.com/community/taxes/discussion/re-selling-a-car/01/2387794#M852098 Critter-3 2021-12-23T16:26:03Z