Selling camper for more than I paid
Do I have to pay taxes on a camper I bought 1year ago if I sell for more than I paid? We put a lot more money into after we purchased. I am trying to get some of my money back on the extras we added that camper didn’t have. Ex. Paid 10k selling for 15k.
Terry Says
This is an interesting question — and a rare event. People rarely sell vehicles for more than they paid for them! Ordinarily, the gain would be considered a short-term gain on the sale of an asset. Thus, it would be added on to your ordinary income and the gain would be taxed at your marginal rate. But if you can document the cost of the extras, and any selling fees, then you probably won’t have much of a gain — and probably won’t be required to file it on your taxes, or could easily excuse it as an oversight if audited.
