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Lake Wylie Tax Service | Bookkeeping | Payroll Service

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Tag Archives: Automotive

Tax Ramifications of Disposing of a Vehicle

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on August 6, 2019 by Lake Wylie Tax Services StaffJanuary 23, 2020

buying-a-new-carIf you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some of which have tax implications and some of which don’t. These options include trading the car in with the dealer, selling it to a third party, donating it to a charity, gifting it to someone, or even keeping it as a second car. Here are the details for each. Note: This article does not discuss in detail how to treat the disposition of a vehicle used for business.

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Posted in Tax Central | Tagged Automotive
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