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Old 05-14-2007, 08:22 PM
squiffy squiffy is offline
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Join Date: Sep 2003
Posts: 1,206
Default Re: Car Sale/Income Tax Question

I meant I think there is no sales tax if I give my girlfriend a $5,000 car, since there was no sale, only a gift.

Also, if I buy a car for $500 at an auction. Then sell it in the paper for $5,000. Why don't I owe a $4,500 income tax.
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