Question

I HAVE A 1099s FROM THE SALE OF MY RECREATIONAL CAMPER TRAILER

Forum|Forum|7 years ago
June 5, 2019
1 reply
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I HAVE NO IDEA WHERE TO REPORT THIS IS NOT AN INVESTMENT, SO I CAN'T REPORT UNDER INVESTMENT, THE GROSS PROCEEDS BOX 2 STATES 5700.00 HOW DO I REPORT THIS OR INCLUDE THIS IN MY INCOME TAX FILING IS THIS 5700.00 CONSIDERED A PROFIT?

TurboTax Deluxe Online

D

DianeW777

The gain will be the difference between what you paid for the camper trailer and the selling price. The sale of personal use property that has a gain is a taxable gain, a personal loss is not used to offset other income.

If you know you have a loss you do not need to make an entry. If there is a gain you will be prompted to upgrade to TurboTax Premier.

TurboTax will step through the questions to arrive at the result. You were right, this is considered investment property.

In TurboTax (online or desktop) use these steps after you sign into your account.

Federal Taxes Tab
Wages & Income
Scroll to Investment Income
Show more if applicable
Stocks, mutual funds, bonds, other
Follow the prompts
Type of investment would be "Personal Items" (image attached)
Continue to enter your sale description, sale date, how acquired, cost basis and purchase date.