Classic Car sale Capital Gains

[texastimmuscletur]

I bought a classic car January 1989, restored it from 1989 to 1994, and sold it May 6, 2022. I have invested $37K in the 33 years I have owned it (I have receipts), and I sold it for $110K.

Will I need to pay capital gains?

[Critter-3]

Yes you will ... you sold an asset for more than you have invested in it so you have a taxable  capital gain. 

[texastimmuscletur]

OK, thank you for your answer. One more question. I have never had a capital gain tax before. Will I be able to use Turbo Tax to determine my capital gain tax when filing my 2022 tax return?

[LisaS]

Absolutely!  You will need to use the "Premier" product as it handles capital gains.

[texastimmuscletur]

Good to know which Turbo Tax to use for when I have capital gains!

See ya in February. Thank you.

[Kelly Thomas C]

Congrats on the nice gain! Well done! Most if not all TurboTax versions can handle the sale of your collecor car. The version you will need will be based on other types of income, credits, etc. Keep in mind if you had other assets you disposed of...computers, etc, the loss on those can be taken to offset this gain.