Capital Gains & Losses
Is The Gain I Realized On The Sale Of My Car Taxable?
Yes. The gain on the sale of your car is taxable and reportable on IRS Schedule D. Losses on sales of cars used for personal use are not deductible.
Note If you need professional help with "Capital Gains & Losses" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.