Brian sold a car in March 2020 for $9,000. Brian purchased this car second hand in April 2018 for $8,000. Calculate Brian's net capital gain from the sale of this car?

Name: Brian sold a car in March 2020 for $9,000. Brian purchased this car second hand in April 2018 for $8,000. Calculate Brian's net capital gain from the sale of this car?
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Question

Quizplus · Accepted Answer

Personal use assets like cars are generally exempt from capital gains tax, so Brian's net capital gain is nil.

Brian Sold a Car in March 2020 for $9,000