Do I have to declare income from selling a car? If yes, where?

[LinaJ2018]

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

[cfa2012]

When selling a car that has not been completely paid for, what do you use to determine the basis: the purchase price or the actual amount that has been paid toward the car?

[DoninGA]

---

@cfa2012 wrote:

When selling a car that has not been completely paid for, what do you use to determine the basis: the purchase price or the actual amount that has been paid toward the car?

---

The purchase price.