Selling Classic Car - Tax Questions.
Hi Gentlemen. I have got questions about something I've never done before - sell a car.
My wife is considering selling her 1958 Impala. We've received estimates all over the place between $25k - $40k. It was gifted to her from her uncle. I know that receiving that much money into our bank account will cause the bank to report it to the IRS.
However, we also know that gifts are not taxed up to a certain amount. So how do we go about reporting it to the IRS, and how much can be declared as a gift?
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