I need to show sale of hobby cars

posted

Connect with an expert

2 Replies

I need to show sale of hobby cars

We need a little more info regarding what you mean by "hobby cars". Were they miniatures and you collected them? If so, do they qualify as collectibles? https://www.thetaxadviser.com/issues/2019/nov/taxation-collectibles.html

In general, the sale of an asset is reported on Schedule D/ Form 8949. Personal capital losses are not deductible but capital gains are taxable.

I need to show sale of hobby cars

Or do you buy and sell full size cars as a hobby?

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post