This includes any part, component, or other item physically attached to the automobile or usually included in the purchase price of an automobile. If you bought a sport-utility vehicle, it may fall into this category. Any estate taxes due on the value should have been paid by the estate. Therefore, it is tax free to you. Any income it earns while you own it may be subject to income taxes.
Many accountants view their goal as minimizing their clients' taxes.
I like to see my clients pay more taxes - because their earnings and profits are increasing dramatically. I can make a major difference in achieving those profits. Talk to me and find out more. If you use Peachtree Complete Accounting for DOS or Peachtree Accounting for Windows, you might be interested in our new user group. We will offer friendly informal meetings, vendor presentations, instruction by actual users or group instruction and a Peachtree Authorized Support Center.