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RE: My First Car at Age 30...Powered By Steemit.com - Behold The STEEM MOBILE!

in #changedlife8 years ago

Hey @cryptoctopus just wondering what happens with taxes associated? I know technically anything you make money off or get not working you're supposed to pay capital gain or income tax, but what about this purchase? Since you bought the car and paid taxes on it, do you need to report the income from how it was paid for or does it cancel out because you already paid tax on the vehicle?