Originally Posted By: Spartuss
I'm not sure if this has been discussed but it may benefit us all. Lets say one of us on this forum, purchases a used vehicle for $5,000. Less than a year later, sells it for $10,000. ....
It would be some kind of income, I would think, probably ordinary, but I'm not an accountant - that is who I would look to for a definitive answer.
My G8 is a business vehicle ( as was the GTO before it ), and gets depreciated on my books, so if it is ever sold, I am sure there will be some kind of tax event.