What are the IRS rules on taxing the sale of a classic car?

[98SVT - was 06GT]

You'll be expected to pay profits on any amount you received above your purchase price that was not received in a brown paper bag at the time of the sale.
Cash is your friend.

[FL SAAC]

Listen take the money via a check or direct deposit, pay all that is due to your government friends.  Trust me you will sleep soundly

[683760]

Cash.  Take only cash.   

[shelbydoug]

Listen take the money via a check or direct deposit, pay all that is due to your government friends.  Trust me you will sleep soundly

Don't worry for me. NO ONE is putting money in my hands or has offered to. It was just a question since I am getting various answers from CPA's and I need to hear from others that have gone through this.

As always, cash talks and nobody walks BUT there are issues with cash as well. You can readily buy AR15's (are we up to 16's yet?) but ammo is in short supply.

With my two sons, we can easily get them in a crossfire considering the local terrain of hills and valleys and I'm remembering that I could only shoot 99 out of 100 and the smell of gunfire makes me sneeze so it gives away my position too readily?

My night vision is much better now though.

[69mach351w]

Yes, you need professional advice, not Internet advice.  However, I don't think you can add routine maintenance costs to your cost basis.  Things you spent money on to improve the cars value help to increase your cost basis but maintenance does not.  That has been my understanding.

Or IRS advice!!

[67 GT350]

Cash will not help you at Mecum, BJ, Ebay, or any "public" sales event. I know I sound like a broken record, but why buy at those "places"? One on one sales where you have about 5 people involved. Me, myself, and I....and the seller.