Income tax on selling a car?

Question:
I bought a car a couple months ago, but I've decided I want to go for another car. My friend will take it off my hands for a couple hundred less than what I bought it for. For this sale, will I have to claim income tax? Other than changing the title and accepting my friend's money, are there any other considerations I should be aware of?

Answers:

Looking for a car by the vin# it was bought in maine from someone in canada, i have the car vin number?

No you are not even making any money on it and you don't have to pay income tax on cars.

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What you think about "Mitsubishi PAJERO io "PININ"?

You don't claim your car sale on your income tax, why would you? The buyer will be paying sales tax, when he titles/registers the car, if you live in a state where sales tax is collected.

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Is a pontiac GTO a good first car?

No loss deductible, no tax consquences if a profit is made.
Only if one sells several cars a year. One becomes a retail dealer. The number may vary from state to state.

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