Resale Value

Excellent example of KBB vs. reality. For the Chebby; 49K KBB, reality 32K. KBB in no way reflects "real" pricing. I never even consult KBB at all any more, prefer Edmunds, but even they are inflated from what I've experienced, just not as much. Wholesale vehicles prices plus a bit are much closer to reality, unless you find the proper sucker at the proper time....

 

Agree. KBB must be based in Washington, DC or Hollywood.

 

You have no idea what you are talking about. When you purchase something, you receive a "basis" in the property which is the price you paid. When you sell that property, if you sell for less than the "basis" or amount paid, there is no tax. If you sell a car for MORE than you PAID for it, you would have taxable income. The IRS does not care about KBB value. The same goes for a garage sale. If you MAKE more money than you PAID for the garage sale items you have taxable income. The same goes for the sale of property, stock. Of course, if you take depreciation on any property, etc., you would have to factor that into your gains or losses.



Treasury Department Circular 230 Disclosure: In order to ensure compliance with requirements imposed by the Internal Revenue Service, I inform you that, if any advice concerning one or more federal tax issues is contained in this communication such advice was not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.

 

True, but no one is going to report to the IRS on property gains on a freakin garage sale.

 

I got a question kind of off topic but kind of on topic...
I took a truck to CarMax last week, they offered $10K for it.
How much above that should I be able to sell it for on my own.
10%, 20%, 30% more than CarMax offer?

It was a 2004 Silverado 4 door 4x4 with 95K miles.

 

To be honest, I've sold two vehicles to CarMax, and traded another where I had got a CarMax offer first. Nobody will give you more money for your vehicle than CarMax period.

 

KBB claims the "good" private party value of my truck is higher than when I bought it last year. I seriously doubt that, but if anyone is actually getting those prices good for them.