I sold a car this last year. I used it for several different side jobs. do I have to enter in the sale price and gain/loss for every side job?

Forum|Forum|5 years ago
March 6, 2021
6 replies
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mgarry3416

Level 5

No. You would have to report the sale only if you took a deduction for the use of the car in prior tax years other than the standard mileage rate. The loss is not deductible

tiredbailyAuthor

Level 2

I used the car in 3 different side jobs. I know that in 2 of them I used the actual expense way but the other one I used standard deduction. But for every side job they are asking me the sale price and they are asking me to fill in the depreciation amounts. When I do this my tax owed goes up. So I don't want to keep saying I made a profit on ever side job for the same car. I entered the sale information and the stop using this car info for one side job then I just clicked through the questions on the other side jobs.

mgarry3416

Level 5

Did you sell the car for more than you paid for the car.. IE make a gain on the sale. My guess is no. then you do not report the sale.

Also you state you had 3 gigs. Are you reporting 3 separate business on 3 separate Schedule C? or do you have one business with 3 different customers or jobs?