I want to make sure I understand correctly. I am planning on selling my car because I can get more for it than my dealer has offered for a trade in. When I go to investment income like you said and enter my information what it will sell for and what I originally paid for it 9 years ago (cost or other basis) and holing period I put long term. It does show a Capital Loss even though it was for personal use which it did not ask if it’s personal or business. Basically I am selling my car to buy a new one but both are for personal use. Just want to make sure I understand this correctly and not be surprised by owing a huge tax next year. Because if that will happen it may be better to trade in versus to sell it. Although, I have been offered $7,000 more to sell it than to trade it.
