When I was in high school, my father-having just had a heart attack-gifted me a classic automobile. This year, he passed away and I ended up selling the car. (The car has been in my name now for roughly ten years.) It sold for $22,000. My question is the following: how does this affect me for taxes early next year? A friend of mine said it should have no effect since my adjusted gross income is under $20,000. That is, I won't pay much on capital gains with an income so low. Can anybody confirm and/or explain this situation a bit further? Thank you! I live in PA.
