I owned a Harley Davidson Motorcycle, sold it it April, 2016. Where to I put that info in Turbotac??
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If your Harley Davidson motorcycle was not considered by you as a collectible investment item (like an antique Indian motorcycle might be, for example), and if you did not sell it at a profit (i.e., for more than you originally paid for it), then you do not have to report this item anywhere on your personal income tax return.
The reason for that is "personal property " -- which includes cars, motorcycles, furniture, tools, and just about anything else you can think of except for real estate, business assets and investments / collectibles -- is not a reportable item on an income tax return, where there is a loss involved. Only where the taxpayer sells his or her personal property for more than they originally paid for it (which is a somewhat rare event), does it ever get reported on a tax return. In other words, such personal property sales are taxable (and reportable) only where there is a profit involved, not a loss taken.
Thus, if you paid more for your Harley motorcycle (and it was not an antique or collectible), than the amount you received from your buyer upon sale in April 2016, then you do not have to enter this item anywhere on your tax return (or in the TurboTax program).
But if you did make a profit upon the sale of "personal property," or if this motorcycle was owned and then sold as a collectible item, you can report it as follows.
First, simply locate the Find / Search box in your open TurboTax tax file, and then enter the search words "sale of collectibles" into the box. After you click on the button, a Jump To link should appear below; and when you click that you should then be taken to the correct area of TurboTax. However, before that happens, you may well be prompted to upgrade your TurboTax online product to at least the Premier level or above, as Schedule D is not available in Deluxe or below. In TurboTax desktop, Schedule D is available in Deluxe, as well as all the other desktop versions.
From there, at the investment sales main screen, simply continue to answer the computer prompts appropriately for your situation. Whether the motorcycle was personal property or a collectible, the program will guide you. If you are uncertain of the difference between personal property and a collectible, just click the little blue hyperlink that appears next to the tax terminology in the program, for a definition and extra help. Also, please see the attached screen-capture images at the bottom of this answer as a guide to data entry (click them to enlarge).
Thank you for asking this question.If your Harley Davidson motorcycle was not considered by you as a collectible investment item (like an antique Indian motorcycle might be, for example), and if you did not sell it at a profit (i.e., for more than you originally paid for it), then you do not have to report this item anywhere on your personal income tax return.
The reason for that is "personal property " -- which includes cars, motorcycles, furniture, tools, and just about anything else you can think of except for real estate, business assets and investments / collectibles -- is not a reportable item on an income tax return, where there is a loss involved. Only where the taxpayer sells his or her personal property for more than they originally paid for it (which is a somewhat rare event), does it ever get reported on a tax return. In other words, such personal property sales are taxable (and reportable) only where there is a profit involved, not a loss taken.
Thus, if you paid more for your Harley motorcycle (and it was not an antique or collectible), than the amount you received from your buyer upon sale in April 2016, then you do not have to enter this item anywhere on your tax return (or in the TurboTax program).
But if you did make a profit upon the sale of "personal property," or if this motorcycle was owned and then sold as a collectible item, you can report it as follows.
First, simply locate the Find / Search box in your open TurboTax tax file, and then enter the search words "sale of collectibles" into the box. After you click on the button, a Jump To link should appear below; and when you click that you should then be taken to the correct area of TurboTax. However, before that happens, you may well be prompted to upgrade your TurboTax online product to at least the Premier level or above, as Schedule D is not available in Deluxe or below. In TurboTax desktop, Schedule D is available in Deluxe, as well as all the other desktop versions.
From there, at the investment sales main screen, simply continue to answer the computer prompts appropriately for your situation. Whether the motorcycle was personal property or a collectible, the program will guide you. If you are uncertain of the difference between personal property and a collectible, just click the little blue hyperlink that appears next to the tax terminology in the program, for a definition and extra help. Also, please see the attached screen-capture images at the bottom of this answer as a guide to data entry (click them to enlarge).
Thank you for asking this question.Still have questions?
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