Joined: 06 Nov 2011
Online Status: Offline Posts: 29
Posted: 08 Nov 2011 at 17:23 | IP Logged
I saw a question on Becker that said Tax treatment of Loss on the sale of the family car should be " Not deductible". I wonder whether it should be recognized on Form1040 line 13 as individual capital loss and also on Sch D?
Joined: 05 Oct 2011 Location: United States
Online Status: Offline Posts: 155
Posted: 08 Nov 2011 at 23:18 | IP Logged
No, personal losses are not deductible, therefore they are not recognized on the tax return. If the loss resulted from a casualty, then there are certain applications that take place to determine recognition.
__________________ BEC - (65, 75, lost credit re-take May 30, 2012)
FAR - (42, 60, 64, 76)
AUD - (63, 87)
REG - (70, 58, 50 69, 70, 88--FINALLY!!)
Joined: 06 Nov 2011
Online Status: Offline Posts: 29
Posted: 08 Nov 2011 at 23:26 | IP Logged
musicamor04, I think the family car is capital asset since it it a personal automobile of taxpayer, so I cannot understand why it is a personal loss other than individual capital loss?
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot delete your posts in this forum You cannot edit your posts in this forum You cannot create polls in this forum You cannot vote in polls in this forum
Active Topics 
Memberlist 
Search 
Help
Register 
Login
Topic: Loss on sale of family car?
Topic Closed)
