What is a tow truck?

Before tackling the sensitive issue of capital gains taxation, it is advisable to define what exactly capital gains tax is. classic carto see if this applies to you.
According to the General Directorate of Public Finance, the collection vehicles are old vehiclesnot less than thirty yearscorrespond to which model or type production stoppedand are in them original condition, “without significant modifications to the chassis, body, steering, braking, transmission or suspension or engine system. Repair and restoration is allowed; damaged or worn parts, accessories and assemblies may be replaced provided the vehicle is preserved and maintained in good historical condition, except for retrofitted or modified vehicles; »
In addition, they also belong to “collector cars”. vehicles with a toll registration cardthat is, a registration certificate with the designation “collector’s vehicle” in accordance with Article IV of R. 322-2 of the Road Traffic Rules.
For registration certificates issued after October 15, 2009, these are vehicles over 30 years old (over 25 years, for gray cards applied for before that date) and whose history has been certified by the manufacturer or the FFVE (French Federation of Vintage Vehicles). .

Classic cars: taxation in detail

Although cars are generally exempt from capital gains tax, classic cars unfortunately, subject totaxation of capital gains on movable propertyjust like collectibles, artwork or other jewelry.
In practice, capital gains on your classic car are taxable if the car’s resale value is more than 5000 eurosand if it was not donated to a museum.
In the month following the sale, you must declare the corresponding capital gain (Form 2092 or Serfa 10251) and pay this tax. Then there are two options:
• there Flat tax on valuableswhich is 6% of the sale amount + 0.5% CRDS
• THE The general regime of taxation of capital gains, with a tax of 36.2% on the amount of capital gains. However, there is an exception if you own the vehicle for more than 22 years, and a 5% discount per year after the second year.

However, to reduce the pain, know that it is possible to count the value of taxable capital gains restoration and rehabilitation costs, the same as for real estate. Then it is necessary to keep the invoices for repairs, as well as the sales document indicating the cost of purchasing the collector car.

Read also:
• Collection registration document: in 2024, these models will become “old”!
• Collection: which models will increase in price in 2024?
• Collection registration card: what benefits does it offer?