Originally Posted by crackedback
Originally Posted by RP's R/T's
So as I understand it and I am not an accountant, but there would be the potential of paying tax on the ‘gain’.
However, between the original purchase price, YES
the cost of items purchased and the cost of work put into it (did you save receipts?), YES
and a cost for your time for any work done (what might your hourly rate be? $50 or $75/ hr?), NOPE, absolutely NOT

the likelihood of you actually making a gain is unlikely unless you are selling a very high dollar hemi car and bought it cheap.


You don't get to claim your time/rate on the work YOU do to your personal car.


That is exactly right. Your own labor means nothing. Not that there is not away around it. The IRS is looking at labor as a taxable point. Sublet labor should be though a licensed shop. If not they use that to tax you. So if not taxable income your hours equal 0. Keep every receipt and I mean everything.