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Get your taxes done using TurboTax
No, you don't need to report the sale of your motorhome, unless it was a gain.
A motorhome is a personal use vehicle, so if the sale results in a gain, you are supposed to report the sale.
If the sale results in a loss, it is not deductible and does not need to be reported.
If you need to report the sale because it resulted in a gain, this is how to do it:
- Select the Federal tab toward the upper left corner.
- Select Wages and Income.
- Click I'll choose what I work on, on the right.
- Scroll down to Investment Income.
- Expand if needed and select Stocks, Mutual Funds, Bonds, Other.
- Click Add account.
- On the screen titled, Did you get a 1099-B for these sales? select No.
- On the next screen select, I'll enter one sale at a time.
- For description enter Motorhome.
- For Date sold and Sales proceeds, enter the information from your records.
- For Date acquired enter the date you bought the motorhome.
- For Cost basis, enter the amount you paid for the motorhome plus any major improvements you made while you owned it
- Click Continue.
- On the screen titled, Any of these less common items for this sale? you shouldn't need to enter anything.
- Click Done.
- On the next screen select, Any loss from this sale is not deductible for reasons other than wash sale.
- Select This is a personal use property.
- Click Continue.
- Select No, if you don't have any other sales.
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March 23, 2022
1:24 PM