Submitted By: Oscar
Answered: June 22, 2015 8:58 am

If I sell my personal car at a profit, is this taxable?

Yes. If the amount you receive on the sale is more than you paid for the car, the different is taxable gain. However, as is the usual case with a personal vehicle, where the value typically declines over time, any loss on the sale of a personal vehicle is not deductible (you cannot take a capital loss on personal use property).

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Tax Glossary

Accountable reimbursement plan

An employer reimbursement or allowance arrangement that requires you to adequately substantiate business expenses to your employer, and to return any excess reimbursement.

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