WHERE DO I SHOW A DEPOSIT OF $10.000 cash in checking account?

2edlyn1 · ‎June 6, 2019

from sale of car

PaulaM · ‎June 6, 2019

Was the car used for personal or business purposes?

For personal use, if you sold the car for less than you purchased it, then there is nothing to report. For a car used in business you would record the sale under your business assets.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

DoninGA · ‎June 6, 2019

If this was for the sale of a personal vehicle, not used in a business, and the sale price was less than the purchase price then you do not report the sale on a tax return.

maglib · ‎June 6, 2019

unless you got a 1099k like via ebay sales but you said it was cash or you were in the business of buying and selling vehicles.

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.

PaulaM · ‎June 6, 2019

Was the car used for personal or business purposes?

For personal use, if you sold the car for less than you purchased it, then there is nothing to report. For a car used in business you would record the sale under your business assets.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

WHERE DO I SHOW A DEPOSIT OF $10.000 cash in checking account?