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Concerning sale of a vehicle, Turbo Tax states that if used for business

Business Portion is reported on Form 4797, but what Form is used for reporting the personal portion of the sale?
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2 Replies
ThomasM125
Expert Alumni

Concerning sale of a vehicle, Turbo Tax states that if used for business

If you have a gain on the sale, it would appear on schedule D as a capital gain. 

 

Normally, the personal portion of a vehicle sale would not be reported on your tax return though. This is because you cannot deduct the loss on sale of a personal vehicle and you cannot depreciate a personal vehicle. So, you normally sell a personal vehicle for less than what you paid for it.

 

 

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Concerning sale of a vehicle, Turbo Tax states that if used for business

Much appreciated, Thomas. Thank you.

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