I'm planning on selling a truck for 15K. I know you have to pay the DMV a transfer fee. How will the taxes work such as sale tax? The truck was bought for 23K a couple of years ago. What do you report on your tax return?
As far as trasnfer fees and sales taxes, I'm pretty sure that will be the responsibility of the purchaser. And there is nothing you need to report on your tax return.
As far as trasnfer fees and sales taxes, I'm pretty sure that will be the responsibility of the purchaser. And there is nothing you need to report on your tax return unless you've taken depreciated expense on it in an amount greater than $8K.
