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Ok here's the deal. I sold a car for my father in March this year on Ebay. Title in his name and everything but I had a much higher rating. Plus I'm an avid Ebayer so I knew what to do. It sold and I was given a $500 deposit via Paypal and then my father was paid via bank wire. The total was $27k. Am I liable for those taxes on it or can I get something showing the payment was made to my father and not me? I appreciate your help on this. Just for the record my father has passed away since.
If it sold for 27K, there will be cap gain taxes due.
Since he's now deceased would that be the estate? This is more complicated than just who pays the tax on a vehicle transfer with the car selling for more than paid for and his dying.
Since he's now deceased would that be the estate? This is more complicated than just who pays the tax on a vehicle transfer with the car selling for more than paid for and his dying.
Himain, get a tax accountant.
Based on the OP, father was alive when the car sold. It will be reported on schedule D of the Father's final return.
Let me clarify things: The car was purchased at 9k and no money was put into it. It was a collector car that sold for 27k. No cash transaction went through Paypal except the $500 deposit. The rest of the money was bank wired from buyer to my fathers business checking account.
Again, I have my fathers tax accountant but what I'm saying is Ebay is going to send me a IRS form based on the selling price of 27k. I didn't see a dime of that money except for the $500 deposit which was then transferred into my fathers paypal account upon receipt. It looks like I got the money since the car was sold under my Ebay name but I was doing it for my elderly father.
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