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New Member
posted Jun 6, 2019 7:04:05 AM

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.

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1 Replies
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):

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