Do I report money from a sale of a utility trailer?

Yes, you do. If the utility trailer was used for personal purposes and you have a loss, you won't be able to deduct a loss. Personal losses are not deductible. However, personal gains are taxable. 

Just about everything you own and use for personal or investment purposes is a capital asset, for example:

• Personal investment property, stocks, bonds, and mutual funds
• Real estate or property that isn't rented out or used for business
• Your dwelling, furniture, appliances, clothing, and personal car
• Collectibles, such as a coin or baseball card collection.

Capital gains, losses, and 1099-B forms are all entered in the same place:

1. Open or continue your return in TurboTax if it isn't already open.
2. Search for investment sales and then select the Jump to link in the search results.
3. Answer Yes to the question Did you sell stocks, mutual funds, bonds or other investments?
   • If you land on the Here's the investment sales we have so far screen, select Add More Sales.
4. Following the instructions and we'll calculate the gain or loss from the sale.

Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.

You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.