Check out this new 1099 IRS BS they slipped in, like UIGEA !.....

[Illini]

Doug - it's always been that way. Only difference is when you buy a car it usually goes down in value and you can write off the purchase price when selling -s ince you pay tax on profit, you pay nothing.

This bill is going to get repealed/altered, but even as is, it only affects cash/checks. Any credit card item you don't have to 1099. No one is going to report cash purchases. So just dont use checks. Does anyone these days?

This bill gives the gov't access to everyone's credit cards. Just further control given to the gov't and lost freedoms.

 

[cy1981]

Yes, if you sell your truck that IS taxable income and it's been that way for decades.

Only way that is taxable income is if you depreciated that truck when you bought it.