Do I need to report to the IRS that I sold my truck? I live in CT?

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Do I need to report to the IRS that I sold my truck? I live in CT?

2007-02-05 17:52:41 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States

2 answers

Only if you sold it for a profit.

One-time sales of tangible personal property (casual sales rule) are not subject to income taxes.

2007-02-05 19:20:36 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋

technically, this is personal property. if you sold it at a gain youre supposed to report the capital gain on Schedule D.

but if you sold it at a loss, you dont have to report it b/c you wont get a deduction.

2007-02-06 02:03:27 · answer #2 · answered by tma 6 · 1⤊ 0⤋