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Normally you never make a profit on a car you buy and sell years later. Depreation will take care of that. However if you are buying and selling cars for profit, then yes the net profit is considered earned income. Not the selling price but the net profit.
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our delivery vehicle was a total loss after a commercial vehicle driver hit our car while parked. we had lost income and expenses ?
You will file a claim through your insurance for the loss of the vehicle as well as lost income, etc. You must be able to prove the lost income and related expenses. Your insurance company will take care of the claim so that you can get back to business, then it will file against the insurance carrier of the at-fault driver.
Can cars be donated to help breast cancer?
Cars may be donated to the Breast Cancer Fund. The vehicle is sold at auction, and the sale proceeds are passed on to the Breast Cancer Fund. This may allow you to claim a tax deduction for the sale price of the vehicle.
When does a sale contribute to a nations income?
When a firm sells a good or a service, the sale contributes to the nation's income
Do you have to claim your income tax return as income on unemployment?
No
Can you file an income tax if no income just in order to claim a deduction?
Yup . . . and don't forget to file your state return too for sale's tax credits, grocery credits, etc. Adds up to hundreds even if you have a small family!
When does insurance pay out after the sale of a house?
Only if the insured incident occured before the sale of the house (and the claim placed prior to sale). It is at the date of the claim not relevant to selling.
Where do gain of sale of land go on an income statement?
Loss on sale of land is added back to net income in operating activities and sale of land is shown under investing activity as a reduction in amount.
How do you get storage title for abandoned camper that has sat on my property for 10 years?
There are steps to take to that will allow you to file for a title for an abandoned vehicle. First request registration information from the DMV. Next fill out and submit a form declaring your intent to conduct a lien sale. On the sale date, make the vehicle available for inspection at least one hour prior to the sale. If you get no buyer, claim the car for yourself. Submit a form certifying that you have claimed the vehicle.
Is there tax to pay whe selling a unregistered car?
YES. There should be some income taxes paid for the sale of a capital asset by the seller on the 1040 federal income tax return. And by the buyer some taxes to the DMV when they try to register the unregistered vehicle that they are supposed to have purchased from the seller of the unregistered vehicle.
Does selling a vehicle you were given as a result of the death of a family member count as income that you must pay taxes on?
Yes this is very possible because it is the sale of a capital asset.
Massachusetts bill of sale Vehicle?
State approved motor vehicle bill of sale forms can be obtained at your local tag office.
Can you sell your vehicle with a bill of sale?
You can sell your vehicle with a bill of sale. The title office will except a bill of sale as proof of ownership and payment.
