If you sold the car for less than the original purchase price, it’s considered as a capital loss. You do not need to enter anything as no deduction is allowed for personal loss. However, if you sold it for a profit (higher than the original purchase price), you will have a capital gain and need to pay taxes on it.
If you have a gain, you will need to upgrade to TurboTax Premier edition to enter the sale of your car info. Here are the steps:
After sign into your account, select Take
me to my return
1. Across the top, select Federal taxes / Wages & Income
2. Scroll
down to Investment Income / Stocks, Mutual Funds, Bonds and
Others -select Start
4. On screen, Did you sell any investments
in 2016? select Yes.
5. Next screen, Did you get a
1099-B or a brokerage statement for these sales? select No.
6. Next screen, Choose the type of investment you
sold, select Personal Items, select Continue and
follow
the prompts to enter sale information
