You only need to report the sale of your RV if you sold it for a gain. If you sold it for a loss, you do not have to report it as the loss from the sale of personal property is not deductible.
What kind of tax implications are there if you did sell it for a gain? For instance if you bought for 75k and sell for 80k?
@aml28 wrote:
What kind of tax implications are there if you did sell it for a gain? For instance if you bought for 75k and sell for 80k?
Then you would report the sale of the personal property on your tax return and the gain on the sale is entered as a long term capital gain.
So if I only need to report it if it is a gain, I wouldn’t have to report it if I sell it for less than I purchased it for right? Just want to clarify
@Coreysmith94 wrote:
So if I only need to report it if it is a gain, I wouldn’t have to report it if I sell it for less than I purchased it for right? Just want to clarify
Correct.