Where do I claim the sale of a boat

[ChelsiE2 · Accepted solution]

If this boat was used in your Sole Proprietorship, you'll need to enter this information through the Business tab of TurboTax Home & Business.

If this boat was used as a Rental Property (e.g. house boat), you'll need to enter the sale through the Rental section.

If this boat was personal use only, you will only need to report the sale of the boat ONLY if you made a profit on the boat.  If you sold for less than or equal to what you paid, then do not enter any information regarding this sale.  If what you sold the boat for was more than what you paid for it, you can enter it in TurboTax Premier here:

1. Click the Federal Taxes tab
2. Click Wages & Income
3. Scroll down to the Investment Income section
4. Click the blue Show More button in this section
5. Click Start (or Revisit) next to Stocks, Mutual Funds, Bonds, Other
6. Here you'll be able to enter the sale information for a boat that you made a profit on

[graciouslady06]

We recently sold a boat for more than what we paid for it, however, there were extensive repairs that were needed which would cover any amount over the purchase price.  It would seem that it would be equal to the selling price.  Are there deductions for repairs and other expenses?