AnnetteB6
Expert Alumni

Deductions & credits

This would be reported as an investment sale subject to capital gains.  If you sold the airplane for a profit, then you will be subject to capital gains tax.  If you sold it at a loss, then you cannot claim that loss because it was personal property.

 

Follow the instructions in the TurboTax help article below for guidance about where to go in the program to report the sale.  When you get to the drop-down box asking what type of item was sold, select 'personal item' and continue from there.  

 

Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?
 

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