Do I have to pay taxes if I sell my car? I bought my car for $30,000. I plan to sell it for around $20,000. CA?

You will not have to pay any income tax on your car. However if there is personal property tax you will have to pay it at least for the portion of the year you owned the car. H&R Block will not notify anyone about your income other than the IRS. If you are making your Child Support Payments you will have not problems. Now if you are making a lot more now than when support payments were established the mother of your child could petition the court to get the amount raised but she would have to have some idea that you are making more. Good Luck.

Since you have not made a profit on the sale, no taxes are due. If you trade this car in for a new car, the tradein value will be subtracted form the purchase price, and you will only pay sales taxes on the difference. After you sell a car, you merely return the plates to DMV, and tell them you have sold the car.

no gain means no tax. Tax lady was talking about taking depreciation on your tax return for business use of the car, not about the car depreciating from using it. No you don't report the sale on your tax return. The new owner will register the car with DMV - you'd be wise to be sure this happens in a timely manner.

did you use this car for business? personal use would not allow for depreciation and, actually yes, when one sells their autos it does trigger a report, however, in over 50 yrs I don't know anyone who has done so if you make a habit of buying and selling cars, several during the year it could trigger an investigation in your activitiy but it appears you didn't make any money on this sale, there is no need to merely report the sale of your car(personal) I don't believe any of the tax companies report anything other than if they see something they believe to be fraud

Unless you already claimed $10K in depreciation for business use, there won't be any income taxes. if you sell to a private buyer, be absolutely certain the paperwork is filed with the state. By the way, this is the 3rd time you've asked this question. http://answers.yahoo.com/question/index;_ylt=AiQd5gkyPtrsrL35.BYdti7sy6IX;_ylv=3?qid=20091015155413AARaLjd http://answers.yahoo.com/question/index;_ylt=AvJg1sYee1Vjj9jUD3yuC2_sy6IX;_ylv=3?qid=20091015155602AALoI3f Edit, so figure out how much depreciation you claimed. If you didn't do a 179 deduction and took the standard mileage rate, your depreciation would be: 2008 21 cents a mile 2007 19 cents a mile 2006 17 cents a mile 2005 17 cents a mile.

You bought the car for $30000 and paid sales tax on that amount. You are selling it for $10000 less than you bought it for. There is no more sales tax due. If you had sold it for more, than you purchased it for, there would be sales tax due. There is no sales/income due on this car. As long as you are making your child support payments, this would not be connected to child support. At the bottom of the title, there is a form that you need to complete regarding selling the car and transferring the title. It is probably better if you go in person to the DMV to get the title transferred. 4 years after selling a car, I learned the title had not been transferred properly.