$25.00 
Learn more
Submitted By: Oscar
Answered: June 22, 2015 8:58 am
Answered: June 22, 2015 8:58 am
If I sell my personal car at a profit, is this taxable?
Yes. If the amount you receive on the sale is more than you paid for the car, the different is taxable gain. However, as is the usual case with a personal vehicle, where the value typically declines over time, any loss on the sale of a personal vehicle is not deductible (you cannot take a capital loss on personal use property).
advertisement
Featured Books
Tax Glossary
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
