Trying to figure out how you got an Ecoboost AWD for $22k to start with.I ran my Maverick XL Ecoboost AWD 4K tow through Carvana's website to see what they would offer me.
More than $11,000 more than i paid for it. Should I sell?
I just ran my XLT Lux hybrid with 1700 miles and got $30,641This makes no sense, my dad ran his 2023 Maverick lariat hybrid w/368 miles through carvana and they offered $31,000.
I replied to the OP in this thread #36 entry with:
OP responded with:
So my guess is magic beans lowered the price
Yup
What if he were to spend the gains on a replacement vehicle?
Add the 11k to your taxable income. Depending on your total income your tax rate will be 0,10,12,etc% of the income bracket your taxable income falls in. For Instance my VA disability is non taxable. Plus other like couple filing jointly pays 10% on income only over a certain amount. So if the 11k added to your income is still less than "the certain amount" you will not incur a tax but it could be as high as 37% if you are in that bracket. Ask your tax guy.
Because the computer could not find a certain number of recent sales for that car IN YOUR ADEA. Could also happen for a three year old car.
When inflation is high this poop happens.
Wait. Is this true? You pay capital gains on a fucking car?
In Georgia and probably other states, if you buy another car you can apply the proceeds from the sell against your newer car Title Ad Valorem Tax. But no, you can deduct it from your federal income tax.
He got it from granger for 3k off msrp after selling his 3% under invoice maverick he got from Chapman to caravana for a massive profit already. (Based on OPs post history)
You owe capital gains taxes on any item which you sell for a net gain. Consult your tax professional for advice in your specific state and financial situation, including guidance on what expenses count toward how much you've put into the object. Doesn't matter if it's stocks, cars, houses, or what have you, if you get more than you spent when you sell, that's income.
