I sold a car this last year. I used it for several...
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tiredbaily
Returning Member

I sold a car this last year. I used it for several different side jobs. do I have to enter in the sale price and gain/loss for every side job?

 
6 Replies
mgarry3416
Level 3

I sold a car this last year. I used it for several different side jobs. do I have to enter in the sale price and gain/loss for every side job?

No.  You would have to report the sale only if you took a deduction for the use of the car in prior tax years other than the standard mileage rate.   The loss is not deductible

 

tiredbaily
Returning Member

I sold a car this last year. I used it for several different side jobs. do I have to enter in the sale price and gain/loss for every side job?

I used the car in 3 different side jobs. I know that in 2 of them I used the actual expense way but the other one I used standard deduction. But for every side job they are asking me the sale price and they are asking me to fill in the depreciation amounts. When I do this my tax owed goes up. So I don't want to keep saying I made a profit on ever side job for the same car. I entered the sale information and the stop using this car info for one side job then I just clicked through the questions on the other side jobs.

mgarry3416
Level 3

I sold a car this last year. I used it for several different side jobs. do I have to enter in the sale price and gain/loss for every side job?

Did you sell the car for more than you paid for the car.. IE make a gain on the sale.  My guess is no.  then you do not report the sale.

Also you state you had 3 gigs.  Are you reporting 3 separate business on 3 separate Schedule C?  or do you have one business with 3 different customers or jobs?  

 

 

tiredbaily
Returning Member

I sold a car this last year. I used it for several different side jobs. do I have to enter in the sale price and gain/loss for every side job?

I have 2 gigs together but one is on a 1099 nec. As soon as I said I stopped using the car they asked for the sale price. No I did not make a profit but they are saying I did.

ColeenD3
Employee Tax Expert

I sold a car this last year. I used it for several different side jobs. do I have to enter in the sale price and gain/loss for every side job?

Yes, you absolutely have to report the sale.

 

If you only had one line of work, you would only file one Schedule C, no matter how many people you worked for. If you had more than one line of work, each would need its own Schedule C.

 

If you used it and took deductions for it for each different type of job, then you have to prorate the usage between the jobs as well as the personal portion. I would advise you to do it on paper first, as it can be tricky, and once everything adds up, then enter it on each Schedule C.

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mgarry3416
Level 3

I sold a car this last year. I used it for several different side jobs. do I have to enter in the sale price and gain/loss for every side job?

Have you reported or deducted your car expense with these Gigs in prior years?  

You also said you had deducted actual expense.  did this include depreciation?  Or was it just gas?

How old was the vehicle?  More than 5 years?  

My answer is based on a lot of assumptions.  You know what assumptions are ... you make as a** out of you and me.  

Getting back to your original question the answer is it depends.  

My assumption is you worked for several ride share companies UBER Lift ect and you deducted the cost of gas and other repairs.   My assumption is you did not depreciate your car in prior years.  

Based on this is the only year of gig work you should be reporting car expense using the standard mileage deduction.    As such there is no need to report the sale and loss from your car.

If you had reported or deducted deduction expense in prior years you will need to recapture some of the deprecation expense from prior years.  If this is true go see a tax professional 

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