A friend of mine sold me a car. It's value was $38,000 but he sold it to me for $3,000. I then sold it for $27,000, then bought another car for $6,000.
Is this something that should be reported as capital on my federal return? I have used the profit of the sale to live off of since I am unemployed.
I have also been asked to complete a financial affadavit for a family law issue to get my child support increased. Would this be considered income? How do I report this on my affadavit?
I was unemployed at the time and needed the money to pay bills. I don't think this will have any bearing on my affidavit, but want to be sure.
Is this something that should be reported as capital on my federal return? I have used the profit of the sale to live off of since I am unemployed.
I have also been asked to complete a financial affadavit for a family law issue to get my child support increased. Would this be considered income? How do I report this on my affadavit?
I was unemployed at the time and needed the money to pay bills. I don't think this will have any bearing on my affidavit, but want to be sure.
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