Carvana is paying big $$

[WhyNot21]

Holy wow!!!!

The first one is what I posted about earlier. I just saw that they dropped the price $1k and a purchase is now pending. That's still about $3k more than I paid for my loaded up brand new '21.

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[Cabose-1]

I didn't get as much over what I owe. I owe 29k. Maybe the vehicle i have or maybe just my part of America

 

[Dr. Zaius]

^ Try Carvana and Carmax.

Both of their prices were better than Vroom for me.

 

[CollieDog]

Here is my 2019 I sold a couple of weeks ago. They bought it for $32,679 and have it listed at $34,990. I purchased it new on November 15th, 2010 for $28,500 out the door, so about $27,250 before tax and tag.

https://www.carvana.com/vehicle/1798670

 

[Leftcoast]

How many of you detailing how you made a capital gain on your sale are declaring it as income on your tax return.

I'm just sayin.

 

[eds21]

How many of you detailing how you made a capital gain on your sale are declaring it as income on your tax return.

I'm just sayin.

I normally wouldn't respond to something like this but I really want to know. Is that a real thing in California or are you just being funny?

 

[JaysOnTheEDGE]

I normally wouldn't respond to something like this but I really want to know. Is that a real thing in California or are you just being funny?

Its federal https://www.irs.gov/taxtopics/tc409

 

[eds21]

Its federal https://www.irs.gov/taxtopics/tc409

It is interesting that the last sentence in the very first paragraph, " Losses from the sale of personal-use property, such as your home or car, aren't tax deductible", only covers losses and not gains. It has been a while, but I was going to claim the profit I made on the sale of my personal car once and when my tax person reviewed it, she told me that since I am not in the business of selling cars I did not have to claim it. That may have changed since 1994, but I have never claimed it since that time.

 

[Leftcoast]

Its federal https://www.irs.gov/taxtopics/tc409

Capital gains are taxed as regular income in California.

edit
You are legally required to provide income information to the IRS and franchise tax boards. You aren't legally required to provide it to the Ranger5G forum.

 

[WhyNot21]

Capital gains are taxed as regular income in California.

So, if you sell your car for less than you paid, do you qualify for a "capital loss"?

 

[eds21]

Capital gains are taxed as regular income in California.

Keep your cards close to your chest.

I will never live in California, but I will be more careful about posting my profits on public site in the future. I was in Seattle for 16 years and that was close enough to California. I am glad I'm out.

 

[Leftcoast]

So, if you sell your car for less than you paid, do you qualify for a "capital loss"?

I'm not sure what separates a car lot sale from a private sale. I assume it's a license or two.

 

[Trigganometry]

Not sure how much of this is regional. I just did mine again. My sticker was 37K I paid 32K then add 2K sales tax. They’re offering me 32.6K as it is today.

No dealer inventory and no discounts per my dealer yesterday.

That’s ok, me and Natasha got a good thing going on.

 

[AzScorpion]

Not sure how much of this is regional. I just did mine again. My sticker was 37K I paid 32K then add 2K sales tax. They’re offering me 32.6K as it is today.

No dealer inventory and no discounts per my dealer yesterday.

That’s ok, me and Natasha got a good thing going on.

Yup you stick that long nozzle in her and fill her up and she purrrs like a kitten.

Perverts I was talking about the gas nozzle!

 

[chamackO]

Better yet, you know you love something so much you sell it for a $4000 profit and the same weekend buy another one that is almost the same.

how did the taxes work out here? did you trade in or buy with the cash?

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