tax savings when you lose money on a car? | FerrariChat

tax savings when you lose money on a car?

Discussion in 'Other Off Topic Forum' started by warrenn, Aug 25, 2004.

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  1. warrenn

    warrenn Formula Junior

    Mar 12, 2004
    388
    LA for now,NJ really
    Can you write off any losses when you buy a car and sell it for less? I know stupid question.
     
  2. LetsJet

    LetsJet F1 Veteran
    Owner

    May 24, 2004
    9,334
    DC/LA/Paris/Haleiwa
    Full Name:
    Mr.
    If it's owned by a business maybe........as an individual I think not. Do you write off a loss if you sell your used tv for less then you paid for it?

    If you make money on it when you sell you might have to declare the profit.
     

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