Tax ramifications of selling a car

[mopar440]

Vintage cars are considered part of a "wasting assets" provision, which as a result are exempt from CGT.

Really?? This is the first I've heard of this

 

[mopar440]

Talked to my account, claims I pay CGT ( 18 percent) on my profit. Or use the middle man to buy another car talked about it being a personal item, but not a good gamble

 

[1966newport]

reason you never heard of it because its wrong. a wasting asset is an asset that decreases in value.

 

[polara66hardtop]

decreases in value on the books, not reality. They are depreciated.
google the name, it will explain better. My business bought my truck, and paid for it. It did not depreciate in value, but the taxable loss was there. I will sell it soon, with no tax liability. I am free to use the funds in any way I wish.
which in my state why my 68 Charger is valued for tax purposes at $320.00