Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jmcdermott12
New Member

Can I deduct the loss in value from the sale of my car?

I bought the car 5 years ago for $25,000 and sold it in 2016 or $8,000.  Is this loss deductible?  A friend of mine said it was but I don't know where I can deduct this in my tax return.
1 Reply
MinhT
Expert Alumni

Can I deduct the loss in value from the sale of my car?

A loss on personal property is not tax deductible.

Please read this IRS document (at the end of the first paragraph):

https://www.irs.gov/taxtopics/tc409.html


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v