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How do I enter the sale of a boat slip at a marina?

Forum|Forum|6 years ago
June 7, 2019
2 replies
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Would it qualify as an Investment - "Second Home" or "Land" - is there a difference?

TurboTax Premier Windows

Best answer by PatriciaV

A boat slip would not fall under any regular investment classification. You may enter it as "Everything Else". Note that any gain or loss would be reported as Long-Term or Short-Term Capital Gain/Loss and taxed as such.

PatriciaVAnswer

Employee

A boat slip would not fall under any regular investment classification. You may enter it as "Everything Else". Note that any gain or loss would be reported as Long-Term or Short-Term Capital Gain/Loss and taxed as such.

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J

jpp

Exactly where do I enter it?

Critter-3

Federal Taxes
Wages & Income
scroll down to Investment Income
Stocks, Mutual Funds, Bonds, Other
to the right of this category click Start or Revisit
follow the screen prompts and answer the questions to enter your information on Schedule D

S

sagrimm

How for you report the gain on the sale of a boat?

M

Mike9241

assuming you did not get a 1099 form and this is not a business asset

since you're using Windows desktop version, you can use forms mode. type Capital Asset Sales in the search box. double click on the worksheet form. enter 1 in the box then click on next. for the name of the broker enter "NONE" click on finish. enter a description, date sold and acquired, sales price and cost. check the box "no" for basis reported to IRS and "also "no" for sale reported to IRS

Critter-3

If this was a personal use boat (not business or investment use) then you only report the sale if you got a 1099 or you made a profit ... losses on personal use items is not deductible.