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Selling Personal Use Asset - Tax Implications?

I'm new

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Replies 1

I bought a tractor 4 years ago, spent some money to maintain and improve it, and sold it this year for $14,500. Do I need to pay income or capital gains tax?

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Devotee

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@dannnii  Most personal assets are exempt from CGT, including your home, car and personal use assets such as furniture. Did you ever use the tractor to produce income? 

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Most helpful response

Devotee

Replies 0

@dannnii  Most personal assets are exempt from CGT, including your home, car and personal use assets such as furniture. Did you ever use the tractor to produce income?