porsche85

I'm not a dealer or collector. I daily drove the Porsche for many years, and it just happened to appreciate after I bought it at its depreciation floor. I'm doubtful that selling both cars separately would help me at all, even if in the same year. So the idea in question would be to sell them together in a single transaction. I've already googled on that quite a bit, with zero success.

New member, new idea / question, hoping to reduce capital gain taxes on the sale of my older Porsche. Hypothetical numbers used below to clarify the analysis. I've got that car, with ~$25k in capital gain. I've also got another car with ~$22k of capital loss. If I sell the two cars together as a package deal, will the effective loss on the second car offset the effective gain on the first car? I know if it was two separate transactions, the gain would count, the loss would not, and the net would be a $20k+ gain. But for one transaction selling both cars together, is there a tax benefit? Let's say, hypothetically: Porsche: basis = $20k, current value = $45k Honda: basis = $25k, current value = $3k Selling the Porsche by itself = $25k capital gain, to be reported on taxes Selling the Honda by itself = $22k capital loss, not reported on taxes Selling both together in the same transaction to the same person (same day, same wire transfer, same bill of sale/contract, etc.), for 45+3 =$48k. Would I be able to say the basis was 20+25 = $45k, so the capital gain was only 48-45 = $3k? Not a business, neither car was bought as a collectible, but obviously the Porsche has turned out to be a good investment. Also, not interested in any trades - too many cars and kids leaving for college has me wanting to downsize things. Thanks in advance for any help.