Question

My wife and i have full time jobs but we also listed our 1 extra car on turo last year and made $7k, which version of turbotax should i use?

Forum|Forum|6 years ago
January 9, 2020
1 reply
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TurboTax Online

Employee

When you say you "made $7K", do you mean that you were paid $7K over what you paid for the car? Most often, items sold after personal use are sold for less than the purchase price. If that's the case here, you don't need to report the income from the sale of your vehicle. If the vehicle was used for business purposes, that's a different story. Please post back if that's the situation you have.

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*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

V

vule0119Author

i meant 7k as in rental fee collected from renters through out the year because Turo is a place where you can list your car so other people can rent it.

Kat11_2

Employee

Thanks for the clarification. If you need to enter rental income, I'd recommend the Premier edition of TurboTax Online. The interview will walk you through everything you need to accurately prepare your tax return.

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***