MonikaK1
Expert Alumni

Business & farm

Losses from the sale of personal–use property, such as your home or car, are not deductible.

 

From IRS Publication 544, Sales and Other Dispositions of Assets:

 

Personal-use property.

 

Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain. Loss from the sale or exchange of that property is not deductible.

 

If you had a reportable gain, you would enter the information under Wages and Income, in the Investments section.

 

 [Edited 03/05/23| 9:13am PST]

 

@h-msquared

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