Offsetting Capital Gains with a Capital Loss from the Sale of a Personal Use Vehicle
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mbernstein86
New Member

Offsetting Capital Gains with a Capital Loss from the Sale of a Personal Use Vehicle

I sold a personal use vehicle this year at a substantial loss from what I paid for it.  I will also have significant capital gains from the sale of stocks.

I am aware that the loss on the sale of the car is not deductible.  However, can I use it to offset some of the capital gains from the sale of the stock?
1 Reply
Carl
Level 15

Offsetting Capital Gains with a Capital Loss from the Sale of a Personal Use Vehicle

No unfortunately. Since the loss on the sale of personal property is not tax deductible, it can't be used to offset gains from other things. Even if it's the gain from the sale of another vehicle.

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