Are monies received from a lein sale of an RV left in storage on private property reportable / taxable?
RV was being stored for a friend. RV was abandoned. CA DMV authorized a lein sale to cover storage expenses. Are the monies received to cover the lein taxable?
01472
1 Best answer
MichaelL1
Level 15
Jun 4, 2019 10:49:27 PM
It is a personal asset that was sold at a loss (as cost of RV was higher than storage fees).
So no tax impact to your return and none to friend's return.
1 Replies
MichaelL1
Level 15
Jun 4, 2019 10:49:27 PM
It is a personal asset that was sold at a loss (as cost of RV was higher than storage fees).
So no tax impact to your return and none to friend's return.