Selling Classic Car - Tax Questions.

[todeen]

Hi Gentlemen. I have got questions about something I've never done before - sell a car.

My wife is considering selling her 1958 Impala. We've received estimates all over the place between $25k - $40k. It was gifted to her from her uncle. I know that receiving that much money into our bank account will cause the bank to report it to the IRS.

However, we also know that gifts are not taxed up to a certain amount. So how do we go about reporting it to the IRS, and how much can be declared as a gift?

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[frankbmd]

Just send out an APB for BobC

[MikeGarcia]

Timing means a lot here. What was the value of the car in the year it was gifted ....

Was it already restored or did she have to put a ton into it.

..Details , details .

[todeen]

Originally Posted by MikeGarcia

Timing means a lot here. What was the value of the car in the year it was gifted ....



Was it already restored or did she have to put a ton into it.



..Details , details .

Her uncle paid $12k for it in 1983, and it held estimated value of $20k - $25k in 2017 which was the year it was gifted to her. We didn't have to pay any taxes when we registered it in WA.

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[bnorth]

Originally Posted by todeen

Her uncle paid $12k for it in 1983, and it held estimated value of $20k - $25k in 2017 which was the year it was gifted to her. We didn't have to pay any taxes when we registered it in WA.

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I wouldn't worry about paying taxes when you sell it. If you are concerned about it you need to contact a local accountant. Laws change dramatically by location so they are the ones that can give you a real answer and not a guess.

Post a picture of the car.

[todeen]

Originally Posted by bnorth

.

Post a picture of the car.

348 big block, triple barrel carburetor. lowered by cutting the shocks. our mechanic says we should replace those and lift it up so we don't tear off the oil pan. barn find paint job.


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[bnorth]

Originally Posted by todeen

348 big block, triple barrel carburetor. lowered by cutting the shocks. our mechanic says we should replace those and lift it up so we don't tear off the oil pan. barn find paint job.


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Beautiful old car. What does it have for milage on it? I would agree with the mechanic on returning it to stock suspension. It is not a triple barrel carburetor. It was called tri-power because it had 3 really small 2 barrel carburetors.

[todeen]

Originally Posted by bnorth

Beautiful old car. What does it have for milage on it? I would agree with the mechanic on returning it to stock suspension. It is not a triple barrel carburetor. It was called tri-power because it had 3 really small 2 barrel carburetors.

the odometer was eaten in the sun of Las Vegas for ten years before the uncle gifted it. So I'm going to say 100 original miles

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