personal property sold

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  • RNuse09
    Senior Member
    • Dec 2010
    • 130
    #1

    personal property sold

    Sorry for all of the questions. Do I have to report the sale of a car if it was sold at a loss. I know it is not deductible. I just wasn't sure if I was requireed to put it on sched d anyway. Thanks
    Tags: None
    • RNuse09
      Senior Member
      • Dec 2010
      • 130
      #2
      anyone have any advice.

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        • Burke
          Senior Member
          • Jan 2008
          • 7068
          #3
          No, it was a personal asset. Not reportable and no loss allowed.

            Comment

            • ChEAr$
              Senior Member
              • Dec 2005
              • 3872
              #4
              But if sold at a gain; well, you know the answer to that one.

              A client was telling me about fixing up a Corvette one time, and I was questioning him about cost, parts, other expenses and then I announced he had a reportable gain. About that time he grunted very loudly "ohhhh! He looked at his wife and i realized that she had kicked him under the table!
              ChEAr$,
              Harlan Lunsford, EA n LA

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