But when I enter all the information in TurboTax using the instructions above it automatically creates the Capital Loss. It does not asked if it was used for work or personal use. It’s my personal car that I am wanting to sell and will use most of the money to buy a new vehicle. What they offered on a trade in was a lot lower than what I can sell it for. I read somewhere that if you sell the vehicle for less than what you originally paid for it then you do not have to claim it but I want to make sure. Want to do what I am supposed to upfront the correct way. I have TurboTax Deluxe and have been just seeing how it would work out and like I said it automatically creates the loss.
