Not an accountant, but if the IRS charges.............let's just say 30% on a car that MSRP's for $40K, then wouldn't a person stand to gain more "in-pocket" money on a car that sold at auction for 2-3X that at the same tax rate?
You've gotta remember one thing.................the car was a gift, and anything a person gets out of it after any/all taxes is still free money!
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2010 Chevy Camaro Black on Black!
84' Chevy S-10
91' Chevy S-10 Ext. Cab
90' GMC Sierra Reg. Cab 350 V8
2003 GMC Sierra HD 4x4 Crew 6.0
2005 GMC Yukon 5.3
2008 GMC Ext. Cab 4x4 5.3
2008 GMC Yukon SLT 5.3
This truck man is about to go for something a little more sporty.
