Do I need to report the sale of a car, furniture, or other personal use property?
If a car, furniture, jewelry, collectible, or other asset is used for personal use and wasn't used in a business, a rental property, or as an investment, then you normally don't report the sale on your tax return.
You can't deduct capital losses on the sale of personal use property. A personal use asset that is sold at a loss generally isn't reported on your tax return unless it was reported to you on a 1099-K and you can't get a corrected version from the issuer of the form. An asset is considered sold at a loss if the price you got for it (minus any selling fees) was less than the price you originally paid for it.
In the rare situation where you sold a personal use asset for more than what you bought it for, then you would report the sale on your tax return and you would report capital gain income for the amount you sold the asset above what you paid for the asset.
If you sold a personal use asset for more than what you bought it for, then you would generally report that on the Stock or Investment Sale Information screen by adding an investment, choosing Other then Personal Item Sold for a Gain. You can report any selling expenses by reducing the amount you enter as "Sale Proceeds" by the amount of your selling expenses.
Menu Path: Income > Common Income > Investments and Savings (1099-INT/DIV/B/DA)
You can't deduct capital losses on the sale of personal use property. A personal use asset that is sold at a loss generally isn't reported on your tax return unless it was reported to you on a 1099-K and you can't get a corrected version from the issuer of the form. An asset is considered sold at a loss if the price you got for it (minus any selling fees) was less than the price you originally paid for it.
In the rare situation where you sold a personal use asset for more than what you bought it for, then you would report the sale on your tax return and you would report capital gain income for the amount you sold the asset above what you paid for the asset.
If you sold a personal use asset for more than what you bought it for, then you would generally report that on the Stock or Investment Sale Information screen by adding an investment, choosing Other then Personal Item Sold for a Gain. You can report any selling expenses by reducing the amount you enter as "Sale Proceeds" by the amount of your selling expenses.
Menu Path: Income > Common Income > Investments and Savings (1099-INT/DIV/B/DA)
