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If you spend $7,000 on a car and an additional $1,000 on improvements, but you sell the car for $7,000, it's considered a capital loss, and you don't need to pay tax on the sale.
The tax credit will only be given to the original purchaser of the vehicle, and not to a secondhand owner. If the vehicle is being lease, the tax credit can be claimed by the leasing company alone. The vehicle must be used mostly in the United States. The vehicle must be placed in service by the taxpayer by 2010 or later.
The IRS lists the following issues that might extend the tax refund processing time and delay your refund: Amended return refunds take about 16 weeks. You’re filing an injured spouse claim.
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It's tax refund season, and many Americans are making plans for the money they'll be getting back soon. In fact, a recent survey by GOBankingRates showed that 65% of Americans expect a tax refund ...
After all, a tax refund is simply a return of taxes that you have overpaid during the year. This means that if you're getting a... Tax Refunds in 2023: What To Do If Yours Seems Late
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CarGurus shares what to know about selling your car to a dealer and how it compares with selling your car online or privately.
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related to: car tax refund after sellingturbotax.intuit.com has been visited by 1M+ users in the past month
Stellar Choice For Taxpayers - TopTenReviews