West Texas | HOGFARMER - 10/12/2012 06:23 If you buy a car for say $7,000.00 and drive it till it is junk then sell it for scrap at $300.00 must you declare this as income ? The car was never written off as sit was for personal use . Just curious as a friends asked.
Seems as though if there is ever an audit, the IRS goes under the assumption that regardless of weather or not it was written off, if it could have been written off then it will need to be declared |
Dumb tax Question
