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I buy, restore and sell classic cars as a hobby. When I sell a car, do I have to pay income tax on the money I receive? Bear in mind I buy the cars with taxed money.
Hi there,
In Switzerland, vintage cars are classified as wealth, so profits earned on the sale of vintage cars simply increase your personal wealth. The wealth you hold at the end of a tax year (December 31) is the wealth you must list on your tax return.
When dealing in vintage cars it is important to note that the market value is used to determine taxes, and not the purchase price. If you buy a classic car for 5000 Swiss francs and restore it so that its market value increases to 50,000 francs, you will have to declare the full market value of the car. Having the car's value assesed by an independent assessor can help you prove the true market value of a classic car to tax authorities.
Best regards from Moneyguru
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