Several items you need to take into account: Was the corvette owned for personal use or investment purposes. Taxpayers can deduct capital losses on the sale of investment property. Capital losses on property held for personal use can not be deducted. You sold the corvette in 2018 so it will need to be reported on your 2018 tax return.For dates use the date you sold the corvette in 2018 and use the date in 2006 when the vehicle was registered to you.

Question

I sold a 1967 corvette for $50,000.00 in 2018 which I bought for $79,000.00 back in 2006. What date can I use on form 8949?

Forum|Forum|6 years ago
April 2, 2020
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LeonardS

Several items you need to take into account:

Was the corvette owned for personal use or investment purposes.
Taxpayers can deduct capital losses on the sale of investment property.
Capital losses on property held for personal use can not be deducted.
You sold the corvette in 2018 so it will need to be reported on your 2018 tax return.

For dates use the date you sold the corvette in 2018 and use the date in 2006 when the vehicle was registered to you.

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