If a person sells his or her car to a friend for a note receivable,this person has income that needs to be reported.

Name: If a person sells his or her car to a friend for a note receivable,this person has income that needs to be reported.
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Question

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When a person sells their car to a friend for a note receivable, they have earned income that needs to be reported on their tax return. The unpaid amount of the note receivable may be treated as a loan, but the initial sale is considered as income.

If a Person Sells His or Her Car to a Friend