I purchased a rv using a loan through my bank. i sold the rv 2 years later for more than what i paid. i paid the loan off and pocketed the rest. do i need to claim that?

[bigogre18]

i bought the rv for 14,000 sold it for 15,800 and paid the 12000 that i still owed on it. Do i report this on my taxes?

[DS30]

Yes, you will need to report this gain as the sale of a capital asset. (Just make sure that you actually have a gain before entering this transaction)

Your gain will be the net sales price less basis. Your gross sales amount can be lowered by any selling expenses. Your basis can include any improvement you made to your RV. Since you held the asset for more than one year, this will be considered a long-term capital gain.

To enter this transaction in TurboTax, log into your tax return  (for TurboTax Online sign-in, click Here  and click on "Take me to my return") and type "investment income (gains and losses)" in the search bar then select "jump to investment income (gains and losses)". TurboTax will guide you in entering this information (see step 6 below) 

Alternatively, To enter this transaction in TurboTax Online or Desktop, please follow these steps:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Next click on “I’ll choose what I work on”
4. Scroll down the screen until to come to the section “Investment Income”
5. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section)
6. The first screen will ask if you sold any investments during the current tax year (This includes any sale of personal property held as an investment property so answer “yes” to this question)
7. Since you did not receive a 1099-B, answer “no” to the 1099-B question
8. Choose the type of investment you sold - Personal Items
9. Some basic information:
1. Description –  type of vehicle
2. Net Proceeds – Total amount received for the property less eligible selling expenses (if any)
3. Date of Sale – Date you sold the vehicle
10. Tell us how you acquired the property
11. Any Business or Rental Use - If the vehicle was used for personal use only, you will not be able to deduct the capital loss since no capital loss is allowed for a personal use capital asset.
12. Enter Cost Information:
1. Date Acquired –   Date you purchased the vehicle
2. Original Cost – Cost of vehicle plus any capital improvements  

Click these links for further information about reporting the sale of a capital asset or Capital Gains and Losses