I just sold my truck, is it considered earned income?

Sales to a related party are another total pile of mess. It clouds things beyond normal comprehension.

For this thing, it is nothing more than a sale of business asset.

 

Well, you're just a model citizen...maybe you would like to go back to the 'good old days' the way things used to be......when the top tax rate was about 90%.

 

Unless they pay you in cash and you never deposit the cash in your bank account the IRS will find it.

 

There is yearly depreciation on a truck. If you took all your depreciation the truck value should be at 0. If its more then 0, you need to pay tax on that extra value. Basically, after depreciation, you never paid income tax on the truck to start with. If you buy another truck, you may need to pay some tax on the sold truck until the depreciation for the new on kicks in.

 

Dont forget to go to IRS get your money back on the HUT