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jeffjacqb
New Member

I sold a car that I only used for business on 5 occasions throughout the year. Do I have to report the sale as income against my business?

 
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DS30
New Member

I sold a car that I only used for business on 5 occasions throughout the year. Do I have to report the sale as income against my business?

It depends

No - You will not need to report the sale of a personal vehicle that was used for your business and for which you claimed business miles as part of your business income and expenses. If you had a capital gain on this personal use vehicle (losses on sale of personal use assets are not deductible or reportable according to the IRS), and reporting the sale of a capital asset would be done separately.

To enter any gain on a capital asset sale in TurboTax, log into your tax return  (for TurboTax Online sign-in, click Here) and type "investment income (gains and losses)" in the search bar then select "jump to investment income (gains and losses)".

Yes - If the vehicle is actually owned by the business, then you would need to report the sale under the business income and expenses section related to business vehicle information.

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