selling a motorcycle
My sister gave me her motorcycle and we submitted a $1 price when we registered the cycle. Now, I want to sell it for what it's worth, which is about 3,500K. Do I have to claim this as captain gains on myy taxes even though a family member gave me the cycle originally?
Asked on 1/29/09, 3:30 pm
1 Answer from Attorneys
Ronald Cappuccio
Ronald J. Cappuccio, J.D., LL.M.(Tax)
Re: selling a motorcycle
No, when your sister gave you the gift, her basis in the motorcycle transferred to you. Therefore, if it she paid more than $3500, and presuming it depreciated in value, you would not recognize gain.
I hope this helps!
Ron Cappuccio
http://www.TaxEsq.com
Answered on 1/30/09, 2:12 am
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