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HI,
Helping my parents replace one vehicle with another. The vehicle we are getting rid of is worth about $23K on the private market, and about $21K / 21.5 as a trade in. My question = if we trade the vehicle in, are we responsible for tax on the trade in value? Or are we only subject to pay tax on the $23 if we sell it privately?Of course a bank reports anything >10K and we want to do the right thing, but we also want to optimize our situation. So I was wondering if it makes sense to trade it in due to tax optimization.
Please help.
I did not find the right solution from the internet.
References:
https://www.bogleheads.org/forum/viewtopic.php?t=229454
Online Video Service
Thanks!
