Hypothetical Tax Question - Is this legal? - Two Plus Two Newer Archives

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Hypothetical Tax Question - Is this legal?

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05-25-2007, 08:27 AM

Shanemex

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Join Date: Aug 2004

Posts: 379

Hypothetical Tax Question - Is this legal?

Let's say I have a car that I paid $7500 for, but is only worth $2500 now. Could I sell a friend the car for $7500 without having to pay any extra taxes? I didn't make a profit on it, because I only get back as much as I paid.

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