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.
014655
1 Replies
MinhT
Expert Alumni
Jun 6, 2019 7:04:06 AM
A loss on personal property is not tax deductible.
Please read this IRS document (at the end of the first paragraph):