Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post

Shazam · 05-15-2009, 09:23 AM

So my accountant says:

Technically, if you're buying the car for "far less" than fair market value, then yes, it can be considered a taxable benefit. According to Gold Book, the FMV of a 2006 Nissan Altima 2.5 with auto is $14975. You can decide if you wish to report this or not. Most people don't.

Technically, if you sell the car for more than your purchase price, yes, it can be considered a capital gain. You can decide if you wish to report this or not. Most people don't.

05-15-2009, 09:23 AM	#10
Shazam Franchise Player Join Date: Aug 2005 Location: Memento Mori Exp:	So my accountant says: Technically, if you're buying the car for "far less" than fair market value, then yes, it can be considered a taxable benefit. According to Gold Book, the FMV of a 2006 Nissan Altima 2.5 with auto is $14975. You can decide if you wish to report this or not. Most people don't. Technically, if you sell the car for more than your purchase price, yes, it can be considered a capital gain. You can decide if you wish to report this or not. Most people don't.