Quote:
Originally Posted by gcar90
[ Can I just go off topic for a second and say, holy crap, who would have thunk an actual tax question in a thread about taxes? I'm almost a little impressed my screwy little brain came up with something like that. ]
Anyways... yeah, it's an interesting scenario and random thought just for the thread.
Simple curiosity thing, nothing more.
I wanted to know, about a really weird and unique situation.
I was implying, by the scenario that Joe Schmoe donated the vehicle the same day it was bestowed upon him. If that helps matters.
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It would change the specifics, but not the process - remember, cars deprecate in value the second they leave the garage (place they were sold first-hand).
Even if it never actually moved during the process, the fact he is selling it second-hand means it now has a different value and, as such, its taxable amount is different.