I purchased a car in 2008 for $6000 from dealership and sold it in 2019 to an individual for $500. May I report the sell to basically report a loss so I would owe less to the IRS while paying my tax due?
I was reading somewhere in turtobax community that I should report a Car Sell if I gained from that but I don't need to report if I have a loss from the sale and I'm a bit confused with that. As an experiment I added that sale in Wages/Income->Other Investment and my Tax Due was reduced taking into account the loss but I'm not sure whether I'm actually allowed to claim the loss to be deducted from my Tax Due I have so far.
