I sold my my motorcycle in 2023 and I originally purchased it in 2016. I paid $2,300 in 2016 and sold it for $2,500 in 2023. Am I supposed to report the sale?

I owned the bike for 7 years.

posted

No, you don't need to report the sale of a personal item.

Only if it was used for Business, or considered 'Investment Property'.

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