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Money and Finances
Reply to "Buying a car with cash"
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[quote=Anonymous][quote=Anonymous]If you don't buy in the two years since you sold your condo, you may be liable for capital gains tax, depending on how much money you made from the sale. This is probably not the case for you as you are considering buying a car with the proceeds, not a house. http://www.irs.gov/uac/Publication-523,-Selling-Your-Home-1 If you can't afford a monthly payment, can you really afford a new car? Invest some money and do what a PP recommended. Buy a two year old car with a warranty, so you don't take the hit on depreciation when you buy a new car. [/quote] I made far, far less than $250K in profit from the sale of this condo. With that said, buying a car would not wipe out the entire profit. In my original post, I noted that I meant new or "new to me" car. I just mean a car that is less than 13 years old. [quote]"Nothing hurts car negotiations more than showing up in a cab." [/quote] True! I'll try not to let it get to that point. :) [/quote]
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