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#1865
Old 01-23-2013, 06:42 AM
LifeSlipsBy LifeSlipsBy is offline
L1: Learner
  • Mar 2012
  • 20
  • 17 LifeSlipsBy is finding his bearings
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Has anybody gotten a definitive answer as to whether or not we have to pay income tax on these cars? My accountant will be happy to research this and render a recommendation for a stiff fee.

It seems to me that these cars were on sale, like a Black Friday TV on sale for half-price. I can see the IRS taking the position that those who flipped these (sold them for profit) should report the profit as taxable income. I was shopping for a new (used) car at the time, so I kept the car as my primary transportation.