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?

[MinhT · Accepted solution]

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.

[dbickell2]

The car was used for business.