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March 18, 2025
Question

Do I need to report a sold vehicle if it was sold for less than what it was purchased for

  • March 18, 2025
  • 1 reply
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I had sold a car to a vehicle junking company. I bought the vehicle for 1,500 and sold it for 400

1 reply

VictoriaD75
March 18, 2025

No. The sale of the car does not need to be reported on the tax return. If you used it for a business, you will need to report the sale of business property. 

 

@dbzmaster23 

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