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dwhartl
February 5, 2025
Solved

Do I have to report the sale of an inherited vehicle?

  • February 5, 2025
  • 1 reply
  • 0 views
I spent about $1,700 to transfer the title and to get the vehicle operable (a requirement by Carvana in order to sale to them). The FMV was $10,150, but Carvana's maximum offer at time of sale was $7,000.
    Best answer by ThomasM125

    No, you don't need to report it since you had a loss on sale of a personal item. It's not taxable or deductible.

    1 reply

    T
    ThomasM125Answer
    February 6, 2025

    No, you don't need to report it since you had a loss on sale of a personal item. It's not taxable or deductible.

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