So, I just sold my 2007 Passat to my nephew.
Book (I think) is $1800.00. Sold it to him for a dollar. Do I get any tax benefits on next year's Fed taxes?
= new reply since forum marked as read
Lost the clutch master cylinder on the test drive.
$490.00 later, he drove it home today. My brother wanted to give me $500.00 cash. I said no, but then we got the bill for the repairs and that cash covered it. So, I am happy.
He'll have a 1-1/2 hour trip each way to the Voc-Tech center that he'll be going to in Maine. This car will be great for that. He wants to design. program, and operate CNC machine tools to create his models. Glad I can help with his plan.
I'm happy to make the transfer. Book might be $1800, but he's got a vehicle that's worth $7500.00, IMHO.
I don't need 2 vehicles. My Ram 1500 is 12 years newer, and has 4WD for the winder conditions. I need the space in the garage for other stuff to store. Not traveling around New England, like I used to. So it's a win-win.
And, finally!
Glad he is happy to have it and it works well. It sure looked like a nice car when I saw it. Awesome seats.
It's nice to be able to give such gifts, feels pretty good.
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