topic How to report a sold car profit in Get your taxes done using TurboTax

How to report a sold car profit

Zuma20 — Mon, 23 Feb 2026 09:44:25 GMT

Hello, I sold a car for $300 profit after I did some repairs 1 month after I purchased it. How can I include this as capital gain?

Thanks

Re: How to report a sold car profit

leeloo — Mon, 30 Jan 2023 16:34:19 GMT

If this was a personal use car, enter it in the Investment section.

TurboTax Premier online (or higher) is required to report the sale of land. You'll make the entry by clicking on the

Federal Taxes
Wages & Income
Investment Income and select
Stocks, Mutual Funds, Bonds, Other.

Respond "yes" to Did you sell any investments? You'll then be asked Did you get a 1099-B or brokerage statement? and you'll answer "no." Then you'll be shown a list of various investment sales and you'll select the option that applies.

Re: How to report a sold car profit

Zuma20 — Mon, 30 Jan 2023 16:43:21 GMT

Thanks for your answer. I have the premier edition. I reached for the screen that said:

OK, let's start with one investment type. The only options I see are Interests, Dividends, Stocks, Bonds, Mutual funds, Cryptocurrency, and Others.

I did select Others (as I sold a car). But it asks me :

Enter the name of the person or financial institution that brokered this sale.

I sold it to someone from the local marketplace; what should I do?

Thanks

Re: How to report a sold car profit

leeloo — Mon, 30 Jan 2023 16:45:56 GMT

You can just write "Individual"

Re: How to report a sold car profit

Zuma20 — Mon, 30 Jan 2023 16:58:06 GMT

Thank you so much for your help; Does the car I sold account as a Personal item or Others from the dropdown menu on the screen that says, " Now, enter one sale for Individual"?

Best regards,

Re: How to report a sold car profit

AmyC — Mon, 30 Jan 2023 17:37:27 GMT

You should be able to select stock, bond, other and enter your transaction. You only have one sale to enter. The dropdown box will ask for long or short term. Since your sale was less than a year, it is short term. It will look like this