Suzuki SV650 Riders Forum banner
1 - 11 of 11 Posts

·
Registered
Joined
·
148 Posts
Discussion Starter · #1 ·
So after 2 seasons of having my bike sadly I have to get rid of it.
I am going back to school and will have no time or money for it.

This raises a question, if I sell my bike (in connecticut) will I have to pay taxes on what I make off the sale? I mean basically it has depreciated a little and I am worried that on top of that I am going to have to pay taxes for what I get back from the sale.

If so, is there a way to avoid this?

Thanks
 

·
Premium Member
Joined
·
3,472 Posts
You will have to pay tax on the profit you made.
Sell-price minus Buy-price equals profit.
If the result is negative, you do not get a tax credit :naughty:
 

·
Premium Member
Joined
·
695 Posts
Say what, who's tracking this bought/sold vehicle crap. Anyway any replacements/mods should be deductible. If any fool thinks there a capital gain. Sounds like you're state has too many state employees/Nazi's
 

·
Registered
Joined
·
5,834 Posts
I wonder if most people report that sale on their taxes. I don't think I would even bother. it's a cash sale anyway.
 

·
Registered
Joined
·
5,834 Posts
Not to the IRS.

But like steveSLO said, you'll likely won't get more than what you paid for it, so no profit to report.

And even if you did, you'd only have to report what you made, not what you sold for, which would probably be a few hundred, and a very small tax payment.
 

·
Registered
Joined
·
180 Posts
WARNING: I'M NOT AN ACCOUNTANT OR A TAX LAWYER,but my understanding is that assuming you're selling it as a fair market, arm's length transaction, you are exchanging one asset (a bike) for another asset (cash) that are of equal value. So there's no profit on the transaction, and no income.
 
1 - 11 of 11 Posts
Top