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

Testamentary trust

A trust established under a will.

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