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I had to put my parent’s car titled in my name so I could sell it. Do I have to pay income tax on the money I received?
Not enough information to answer this. WHY did you have to put the car in your name before selling it? You can sell a car for someone else if they give you general power of attorney over their affairs, or specific power of attorney for this one transaction. You can sign over a title that is in their name. Any proceeds are theirs, not yours. There are no tax issues for you. If they gave the car to you, it’s a gift. Gifts are not taxable to the recipient. Selling gift property to turn into cash is not a taxable event. If you were left the vehicle in a will, it is an asset that, when sold, may produce a profit…

on which you may owe income tax – may, not will. But when you inherit property, the cost basis is the value of the asset on the day of death of the person that bequeathed it. Assets such as cars usually depreciate in value. The chances of you selling it for more are slim, but if you did realize a gain, all you pay tax on is the gain, not the sale amount. If it’s not any of these, I need to know what it is.


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