Greetings. I just sold my truck to Freightliner for 30,000. I've paid my taxes all through the lease purchase, to my ownership. Now that I've sold the truck, at the end of the year, is that 30,000 considered as earned income?
I just sold my truck, is it considered earned income?
Discussion in 'Ask An Owner Operator' started by marley185, Aug 4, 2013.
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If anything, it will be capital gains.
If you can show you LOST money on the sale, it's another thing
How much did you actually pay for it and when?marley185 Thanks this. -
I paid it off in May of this year. The total came to around 56,000.
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You will pay more than $10 k in capital gains unless you reinvest.
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That's why I sell to private buyers and show a loss or don't even report it. Screw Uncle Sam
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It is ordinary income. The reason is that it was an expense during the life of the asset.
It is based on the purchase date, the amount of depreciation allowed and the basis in the asset at the time of the sale.
If the book is valued at zero, then the sale proceeds are income under ordinary income.double yellow Thanks this. -
Wait until you have to explain the removal of the asset from the depreciation schedule when under an audit. -
I gifted it
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whenever I sell anything that requires the involvement of the state or federal government I tell them I gifted it to whoever bought it. and there are people out here who will buy a truck and pay cash and willing to say they got truck for free and put it on the road even if they paid 15-20k. I am all about screwing the government out of taxes. they take too much as it is. I actually wheel and deal on a lot of things in life to avoid taxes and government involvement.
kw9's rock Thanks this.
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