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sk106
New Member

I received a vehicle from a family member as a gift several years ago. I recently sold the vehicle. Do I need to report this on my taxes?

I put over $10,000 into repairs on this vehicle, and only sold it for $3000.
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1 Reply
JotikaT2
Employee Tax Expert

I received a vehicle from a family member as a gift several years ago. I recently sold the vehicle. Do I need to report this on my taxes?

No, you will not report the sale on your tax return since the vehicle was sold at a loss.  The sale of personal items at a loss is not tax deductible.  
 

If you received a Form 1099-K, please see this link for guidance on how to report the proceeds from the sale.  (Form 1099-K is only issued if you made over $20,000 in 2023 so you most likely did not receive this form.)

 

Please see this link for additional information on how to report sales of personal property. 

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