Get your taxes done using TurboTax

Yes, when you sell an asset used for personal purposes it must be reported for tax purposes when there is a gain on the sale.

Report your sale as an investment sale.  Be sure to answer all the questions accurately. If the boat was personal use property then the loss will not be allowed, but the income will not be taxed. Sign into your TurboTax Account > Federal tab > Wages and Income > Investment Income > Select Stocks, Bonds, Mutual Funds, Other

1. The first screen will ask if you sold any investments during the current tax year (This includes any asset held as an investment property or personal use property so answer “yes” to this question)
2. If you are using the online version - there will be a box to select Other (see image below) Do not select the Stocks, Bonds, Mutual funds box.
3. Since you did not receive a 1099-B, answer “no” to the 1099-B question
4. Choose type of investment you sold - select 'Other" see image below
5. Some basic information:
   1. Sales Proceeds – Your net proceeds from the sale 
   2. Date Sold – Date you sold the property 
   3. Cost
   4. Continue to finish your sale
   5. Description –  Usually the address of the property sold 
   6. Date of Purchase