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    #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
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    #2
    anyone have any advice.

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      #3
      No, it was a personal asset. Not reportable and no loss allowed.

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        #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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