AnnetteB6
Expert Alumni

Deductions & credits

Yes, it would be considered a capital gain since you sold it for a profit.  If it was used for personal purposes only or held as an investment, then report the sale on Schedule D as a capital gain.  If you used the car for business purposes on Schedule C or Schedule E, then the sale would first be entered in that section of your return. 

 

See the following TurboTax article for instructions for entering the sale into your return on Schedule D:

 

Where do I enter a capital gain or loss? 

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