I received $546.00 for selling my car. Is this considered income? If so, how do I declare this on TurboTax? What form do I need?

rgsdnicholus · ‎June 6, 2019

MinhT · ‎June 6, 2019

If this is your personal car, you probably sold it for less than what you paid for it. This is a loss on personal use property which is not deductible.

In this case, you do not need to report the sale of your car on your tax return.

If this is a car used for business, please comment on this answer and I'll provide further guidance.

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MinhT · ‎June 6, 2019

If this is your personal car, you probably sold it for less than what you paid for it. This is a loss on personal use property which is not deductible.

In this case, you do not need to report the sale of your car on your tax return.

If this is a car used for business, please comment on this answer and I'll provide further guidance.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

dbickell2 · ‎October 15, 2019

The car was used for business.

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I received $546.00 for selling my car. Is this considered income? If so, how do I declare this on TurboTax? What form do I need?