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businessbusted
New Member

I use my car for medical sales. I Purchased the car in 1/18. For 6500. I sold in 10/18 for 4800, I also had a loan. I don’t understand because it showing as income

 
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joremifaso
Level 1

I use my car for medical sales. I Purchased the car in 1/18. For 6500. I sold in 10/18 for 4800, I also had a loan. I don’t understand because it showing as income

Regardless of what the vehicle was used for, the vehicle becomes your asset. If there was any 'profit' as a result of the sale the asset, that has to be declared as income. You can still claim the asset and depreciation of that asset, however if you earned anything from the sale of that asset, you must declare it as income. I'm not an accountant so you may want to run this through them before filing.
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