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Financial Planning / Tax Strategies


Subject:  Re: Vehicle Sale Date:  6/24/2001  11:27 PM
Author:  irasmilo Number:  52059 of 127513

Whether the IRS knows about your vehicle sale or not, you have the obligation to report all income on your tax return.

You cannot net losses against gains on the sale of the vehicles, since they will be considered personal property. Losses on the sale of personal property are not deductible -- period.

Of course, you could start a "business" of selling used vehicles. You could then net your gains and losses -- but, the net gain would be taxable as ordinary income, subject to self-employment taxes, as well as income tax.

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