Tax question sold a Car in Ohio

[LowBuckX]

I inherited a car and sold it for $15000. Now what will I owe in taxes and what can be done to reduce that. Was a 67 Chevelle Malibu. In a good market it could have went for $22k. Help please.

[MrQuick]

Check with your CPA, different situations can vary taxes.
You could re-invest most of it to offset the capital gains taxes.

[LowBuckX]

I reinvested it into a driveway

[Mkelcy]

For federal income tax purposes you should have a stepped up basis in the car to the value at the time of the death of the person who left it to you. If that value was $15k or greater, you don't have any gain so nothing to tax. You'd still have to check the tax laws of the state in which you reside.

That said, I'd confirm with your CPA or tax advisor. You know what they say about how valuable free advice is . . . particularly free internet advice.

[SSLance]

Like said above, Death accelerates basis. What the car was worth at the time of death is your new cost basis in the car, if you sell it for that amount or less, you won't owe any capital gains or personal income tax on the sale. I don't even think you have to report the income on your tax return...but again like above, get some paid advice to verify.