Report profit from the sale of boat that you used for non-business purposes in Stocks, Mutual Funds, Bonds, Other in TurboTax. Here's how you enter those:
- Open (continue) your return in TurboTax.
- In the search box, search for investment sales then select the Jump to link in the search results.
- Answer Yes to the question Did you sell stocks, mutual funds, bonds, or other investments in 2020?
- If you land on the investment sales summary screen, select Add More Sales.
- Select Other then Continue.
- On the next screen, select the type of sale you had (like second home, collectible, or land) and Continue.
- Continue following the onscreen instructions to enter the sale.
You would not need any documentation unless you were audited by the IRS. In that case you would need documents showing the sale and purchase price and receipts for any improvements/equipment additions you made to the boat that were part of the sale. For example, you upgraded the radio or installed a new radar.
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