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88klin89
New Member

Where do I account for money spent restoring a collectible car?

I sold a collectible car in 2018 for $100,000. I bought it 30 years ago for $10,000, but in the 30 years, spent $50,000 restoring it. 

TurboTax only has form entries for Gross Sales Price, Sales Expenses, and original Purchase Price.

Where do I account for the restoration expenses?

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1 Best answer

Accepted Solutions
ee-ea
Level 15

Where do I account for money spent restoring a collectible car?

The 50K is part of your cost of the car.

View solution in original post

2 Replies
ee-ea
Level 15

Where do I account for money spent restoring a collectible car?

The 50K is part of your cost of the car.

88klin89
New Member

Where do I account for money spent restoring a collectible car?

Sounds good to me...Thank you.
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