Capital gains on car sale

[Spades613]

I am considering selling a collectors car I have owned 20 yrs this coming yr at a profit of 15k. I can sell a truck I bought 2 yrs ago at around an 8k loss and wouldnt mind doing so. Can the loss be deducted from the gain for a taxable amount of 7k? Or are they considered separate and the loss non deductible?

[DoninGA]

When you sell personal property for less than the purchase price of the property, the loss on the sale is not reported on a tax return.

[Spades613]

I get that a loss isn’t deductible. But a profit is taxable. Is it cumlitive? If I make a profit from one sale and loose money on another can I deduct the loss from the profit?

[DoninGA]

Sorry, the losses are not cumulative since they are not reported on a tax return.  You cannot deduct the losses from the sale of personal property from the gains on the sale of personal property.