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It depends
Personal vehicle -
No - If you have a capital loss on the sale of your personal vehicle (what you sold it for was less than what you originally bought it for (plus any upgrades you made to the vehicle), then you will not report this capital loss on your income tax return. The IRS does not allow you to recognize a capital loss on a personal use asset (your car)
Yes - If you have a capital gain on a personal use vehicle, you will report this as the sale of a capital asset.
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:
Click these links for further information about reporting the sale of a capital asset or Capital Gains and Losses
Business vehicle -
If the vehicle is actually owned by the business, then you would need to report the sale under the business income and expenses section related to business vehicle information.
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