Quote:
Originally Posted by flip
My banker father says you are good. No capital gains on cars. Houses, stocks etc yes but cars no.
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Your banker father is wrong. Why would you think bankers would know this? This is an issue for an accountant or a good Certified Financial Planner such as moi.
I haven't read the whole thread but any capital asset can be subject to capital gains if sold at a profit. Cars, paintings, RVs, they're all capital assets.