Selling Your Car?

[econo racer]

If you have owned your car for more than 30yrs. and sell it for say 18K. What all do you do. Do I report it to someone?

[ZIGGY]

In general, if the vehicle was personal use only with no business connection, no.
Typically the buyer will have to pay sales tax on the purchase.
If you live in some greedy state like Massachusetts, maybe.
Also, depending on how vehicle registration and tags are handled in your state,
you'll want to make sure the title and tags are transferred out of your name.
Look on-line or call your state vehicle administration for answers.

[Keith Morganstein]

The buyer pays the sales tax in Massachusetts too.

However, if you sell the car for more than you have invested in it, the difference is a capital gain. Capital gains are reported on schedule D, form 1040. I doubt many private sales report that capital gain though.

[ZIGGY]

There may be more to your situation. You mentioned "30 yrs". Consult a tax practitioner
about classic car/wasting assets capital gains tax exemptions. Also
for help calculating the basis, or what you have in the car, vs. the sale price if it
is subject to Federal tax.

[Mummert]

Have the buyer bring cash, and use your imagination.

[Dave Koehler]

If you have owned your car for more than 30yrs. and sell it for say 18K. What all do you do. Do I report it to someone?

Will you be using that dingle berry hone?