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Dieselgate - VW Group Emission Scandal Discussion around the VW Dieselgate Emissions scandal. Details and news updates can be viewed here: http://forums.tdiclub.com/showthread.php?goto=newpost&t=448336 This forum is a work in progress depending on requirements, usage, etc.

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Old July 17th, 2017, 06:18   #16
2015vwgolfdiesel
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Quote:
Originally Posted by Rico567 View Post
This topic of tax liability cries out for a sticky. There isn't really much to know here, and it's been stated over and over by knowledgeable folk:

1. There is no tax liability unless the buyback amount exceeds the cost basis in the car.


2. There have been no 1099s issued by VW, nor is there the slightest reason to anticipate that they will send any.


3. Tax liability is in no way eliminated by the fact that no 1099 is issued or received.


It is therefore blindingly obvious from this what any prudent person would do.


Of course, there are always going to be people who will try to game the system, but no matter the hand one holds, the IRS always has the trump cards.

If the IRS says you owe it -- you owe it

But,


Bundling "cheaters" along with persons who file tax forms "incorrectly" is a reach. IMO there are few persons on earth who really understand IRS tax law

My only opinion about persons who did multiple buys and sells back to VW (like 20 units)were in fact schedule C filers. Or should be.
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Old July 17th, 2017, 15:53   #17
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Originally Posted by 2015vwgolfdiesel View Post
If the IRS says you owe it -- you owe it

But,


Bundling "cheaters" along with persons who file tax forms "incorrectly" is a reach. IMO there are few persons on earth who really understand IRS tax law

My only opinion about persons who did multiple buys and sells back to VW (like 20 units)were in fact schedule C filers. Or should be.
If they established a business to do it through, then yes, they would be. If they've done it without establishing a business, it would be capital gains on Schedule D.
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Old July 17th, 2017, 16:28   #18
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If they established a business to do it through, then yes, they would be. If they've done it without establishing a business, it would be capital gains on Schedule D.
I stand corrected
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