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rcorley1
New Member

Do I report money received when I sell my personal use motorhome?

I purchased my rv for 50,000 September 2015. An rv dealer wants to buy it from me and pay me 60,000.00 cash for it. We still owe 8,450 on the loan for it.  Will I need to pay federal income tax for tax year 2022?
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3 Replies
AliciaP1
Expert Alumni

Do I report money received when I sell my personal use motorhome?

Yes, you will need to report the $10,000 gain as other income on your tax return if your personal RV is not your primary residence.

[Edited 02/21/2022|09:25 AM PST]

 @rcorley1

 

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Do I report money received when I sell my personal use motorhome?

Why not?  OP is selling it as a gain, and it may not be a primary residence.

Do I report money received when I sell my personal use motorhome?

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