Washington State Vehicle Title Price Error

AsdeevAsdeev Renton, WashingtonMember Posts: 3
edited December 2018 in General
So I purchased a car a few months back, and I noticed today with the old title, the seller listed the car price at a much lower price than what I had purchased it for (he put $400 when I bought it for $1400). I'm going to be selling this car soon for about $1000. I was wondering if I would need to pay income taxes on this vehicle if I do sell it, considering the listed price on the title was just $400, and based on the records, this sale would be considered a gain, even though it is a loss of $400, but since the actual price I paid isn't listed, it will look like I gained $600. What should I do in this situation?

Comments

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    Well, since you didn't actually make any profit, and since DMV records are part of a state agency, not a Federal one, I wouldn't worry about it at all.

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