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Is profit from the sale of a tax-free car - gifted originally for one dollar - taxable as income?
Wiki User
∙ 16y ago
Well, your right in understanding that anything sold at a profit from your tax basis would create gain income, including a car or such. And I'm sure all of us are alert to, and report that faithfully.
It's complicated by the fact most people may not track their basis (especially tax basis) on items of personal property. But, as your question acknowledges the acquisition was done as a qualified gift, (presumably by parents or such), virtually all of those transfers include the recipient getting a "stepped up basis", that is the basis at market value at time of transfer to you. That is presumably higher (as the car is worth lesds now) than the amount your selling it for. Hence, no income. (In fact a loss on sale of a personal asset, which cannot be used).
Wiki User
∙ 16y ago
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What is intellectually gifted?
intellectually gifted is also known as mentally gifted... - are people with very high mental capacity/ very high IQ... - people who gain IQ higher than average...
What is an IQ of a gifted person?
There is no limit that can be set in the region of a persons gifted trait . The only number that can be made to express this IQ is zero . Zero is an indefinite number and a place holder . A gifted trait is indefinite in capability ...
Is 129 a high IQ?
I believe it is, because I think that is how high your IQ has to be in order to be gifted. If it is not a high IQ then it is a very close to gifted average IQ.
What does the abbreviation GATE mean?
Gifted And Talented Educational Services
Is a 134 on your IQ test is that good?
seebelw Genius >144 Gifted (Border line Genuis) 130-144 Above average 115-129 Higher average 100-114 Lower average 85-99 Below average 70-84 Borderline low 55-69 Low <55 Person 1:I have an IQ of 134 so I am Gifted Person 2: Aurora S. has a 134 IQ I'm gifted! Perosn 3:I ahev an IQ of 132 so i am Gifted. Person 4: I have an IQ of 134, I'm GIFTED! Person 5:
When a parent gifts a child money is the child taxed?
There are limits as to the amounts of money that can be gifted within a year in a taxfree manner. Check with the IRS--amounts change from year to year.
Is a gift of 25000 dollars taxable income?
A gift from whom to whom? Gifts to individuals like a family member are not taxable to the person receiving it, but may be taxable to the giver in the form of gift taxes. If large sums are gifted, you need to get professional assistance as there are ways of avoiding gift taxes if set up correctly before they are gifted. Afterward, it's too bad.
Was the staue of libery originally built for the Suez canal?
no, built in France and gifted to America
How to get half dollar body armor on Mafia Wars?
The half dollar was a special edition loot whose time has come and gone... and it cant be gifted so if you didn't get it then you have missed out
Who has gifted peacock throne to mugal empire?
The Peacock Throne originally belong to the Mughal Empire. It was built by the Mughal Emperor Shah Jahan.
Do we have to say gifted for or gifted at?
As in being innately skilled at something? Gifted at. "Justine is gifted at languages, but not sports." Conversely, though, you would say that someone has a gift for something. "Lucas has a gift for public speaking." If you can, try to use the word without 'for' or 'at'. She is a gifted athlete, or he is a gifted speaker. Sometimes, 'gifted in' sounds best.
How was the land for Washington D.C. acquired?
It was gifted freely by Maryland at the request of George Washington. Originally Virginia also gifted a portion across the Potomac (DC was an equilateral diamond) but in 1846 this area rejoined Virginia because of economic hardship and support for slavery (which the larger Maryland side was against).
What is gifted education?
The gifted program is what I am in. It lets children who have a different way of thinking have no limit and to think free. The gifted program also has advantages, in my gifted program we take Latin.
Which artist was both gifted painter and gifted sculptor?
Michelangelo.
What IQ is considered gifted?
Over 130 is considered gifted.
Difference between gifted person and a genius person?
gifted
Are artists gifted?
Yes, artists are in fact very gifted.
