Do I have to report the sale of an inherited vehicle?

[dwhartl]

I spent about $1,700 to transfer the title and to get the vehicle operable (a requirement by Carvana in order to sale to them). The FMV was $10,150, but Carvana's maximum offer at time of sale was $7,000.

[ThomasM125 · Accepted solution]

No, you don't need to report it since you had a loss on sale of a personal item. It's not taxable or deductible.