Thanks for getting back to me, appreciate the information. Congratulations on the new house! I'll sit tight and hope to hear from you soon! Thanks, Michael 631-445-9123

I have an '08 C2S that I purchased in Dec 2014 in SLC, Utah. It looks so much like the one you've got as your profile pic. I was told that it is a paint to sample Jazz Blue that a dealer purchased in the Chicago area. Does that sound like your old car?? I'm new to the forum, just signed up to be able to send you a message. Hope this is the right way to do it.
Jared

My accountant was the one who told me that I'd have to pay taxes on the gain above what I bought out the lease for. I believe that this is considered ordinary income by the IRS and State of California (but there is, I think, a separate line on the returns for this type of gain). As a rule, if I had made a profit I would have declared it because I have no desire to lie to my accountant. However, that said, it is your responsibility to declare the gain on your tax forms. If you failed to declare it there is a paper trail (DMV bill of sale) and a good auditor might find it or they might not if your return is chosen for closer scrutiny. At any rate, the decision is yours alone. (Of course gains and subsequent deposits of $10K or greater have additional paper trails filed by the receiving institutions.)

Hey there, Quick question based on what you experienced selling your leased car in California. In the forum you mention that you are responsible to pay taxes on the net gain of selling the car? How would you do so, what do you claim it as and when and what would the tax % be on that?. I am in the same situation and the buyout is 7K less than what I can realistically sell it for. This is actually not for a porsche but similar situation. I am sort of young and very new to this so would appreciate any input. Thanks a lot.