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Old 08-26-2009, 11:15 AM   #1
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Property / Vehicle Tax Question?

Say you own like a classic antique type car like a 1967 Ford Mustang or something like that and you never drive it. You just keep it looking all nice and pretty in your garage under a sheet. Do you have to pay any taxes on that? Technically your never driving it (I know that you have to at least drive a car a little bit or else the battery will die but still....) but it's still your "property." So do you pay any taxes on the car?
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Old 08-26-2009, 11:38 AM   #2
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Property / Vehicle Tax Question?

If you live in one of the states that have a personal property tax on cars (more commonly called car tax), then you will have to pay the tax because it's titled to you. Whether you drive it or not wouldn't matter.
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Old 08-26-2009, 12:28 PM   #3
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Property / Vehicle Tax Question?

Nothing on your federal taxes until you sell the car, then you better claim the capital gain. In the meantime, keep a record of everything you pay to improve that investment (new seats, new paint). These are added to your basis (what you've paid) which reduces the amount you'll pay in capital gain. You might be eligable to take off the expense of maintaining the car each year if you have other investments (like stock holders do when they deduct the expense of the safe deposit box used to hold their stocks). Best to see a tax preparer to see if you qualify.
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Old 08-26-2009, 01:18 PM   #4
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Property / Vehicle Tax Question?

It depends on your state. California charges a $17 non operation fee when you store a vehicle. I think it is paid annually. You have to get it registered again before you can drive it or park it on the street.

As for property taxes, that is also another thing you must check locally. If you do not pay a property tax on other personal property then there is probably nothing on the stored vehicle.
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Old 08-26-2009, 01:53 PM   #5
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Property / Vehicle Tax Question?

No there are no special property taxes for storing a car on your property.
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Old 08-26-2009, 02:41 PM   #6
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Property / Vehicle Tax Question?

no tag no taxes
but if you drive it with out a tag??? Then $$$$

My wifes cousins, farmers have 3 cars with no tags but they never drive them off the farm
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