Question

If I sold my car, and didn't put the money into another one, how do I list the gain?

Forum|Forum|6 years ago
April 1, 2020
1 reply
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TurboTax Live Basic Online

If you used the car for business, just go to the asset entry for the vehicle in the business section, and edit it. You will see an option to indicate that you sold or disposed of the asset. TurboTax will then ask you the pertinent questions to report the gain or loss on sale.

If it is an auto you did not use for personal purposes, then you probably sold it for less than what you paid for it, in which case you have a loss so you don't need to report it on your tax return, since a personal loss is not deductible.

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