auto capital gains on sale of vehicle

[dick16]

I have been taking actual expenses each of last 4 years on my auto using Turbo Tax. When I sell my car, after entering the sale price I get, will Turbo Tax automatically calculate if I owe any capital gains on that sale or not?

[JandKit]

Hi dick16

When you sell a car for more than it is worth, you do have to pay taxes. Selling a car for more than you have invested in it is considered a capital gain. Thus, you have to pay capital gains tax on this transaction. TurboTax will calculate the gain for you.