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Question

Sale of personal vehicle

Forum|Forum|1 year ago
January 15, 2025
1 reply
0 views

If a buy a car for a purchase price of 26,000 under a vehicle service contract, and then sale the car for 21,100 under a purchase agreement, do I have to report this on my taxes.

If the vehicle was never used for business (or similar activity that resulted in a potential tax deduction) and you did not receive any tax credits for the purchase (such as the tax credit for Electric Vehicles), then NO, you don't need to report the sale on your tax return because you sold a personal item at a loss.