Question

I sold a parking space in my condo building for the same price I bought it for a couple of years ago. How do I claim this on my taxes?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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When I bought my condo 2 years ago, I elected to add an extra parking space to the sale for $37,500. This year, I sold the extra space for $37,500.

How do I claim this on my taxes to show that I broke even on the sale and that there was no capital gain?

TurboTax Self Employed Online

DawnC0

Employee

If you have no gain or loss, you have nothing to report on your taxes. If you sell something for more than your "basis" in the item, then the difference is a capital gain, and you’ll need to report that gain on your taxes. Your basis is usually what you paid for the item. It includes not only the price of the item but any other costs you had to pay to acquire it, including:

Sales taxes, excise taxes and other taxes and fees
Shipping and handling costs
Installation and setup charges

In addition, money spent on improvements that increase the value of the asset can be added to your basis. Depreciation of an asset can reduce your basis.