I received a 1099-MISC from selling a car to a dealer. I purchased the car for approximately $19000 2 years prior and sold it for $14500 a few months ago. NADA value was $15250. I know cars are considered capital assets and the sale was clearly a capital loss. How does Turbo Tax account for Capital Losses? If I enter it under Income 1099-MISC, it is treating it like income and not performing a cost basis analysis.
