Reporting capitol loss on sold vehicle

[soulwinner10]

Hello,

I sold my vehicle, last year, for much less than what I purchased (there is no gain). Do I still need to report the sale of the vehicle as a loss?

Thank You.

[VolvoGirl]

You don’t report personal loss on your tax return.   If you used it in your business you need to enter it.  

[MaryK4]

It depends- generally, you do not have to enter the loss on the sale of personal goods unless you were issued a 1099-K for the transaction.  Also, if you used the vehicle for business purposes, you may have to report the sale.