Won new car in contest in Texas USA. Sold for a $5000 loss to dealership. Received form to report win on my taxes. How do I report loss from sale on my taxes?

  • How long between award and sale? Was the dealership you sold to involved in the contest? – mhoran_psprep Apr 11 at 17:45
  • 1
    You may not be able to. Capital losses on personal property are generally not deductible. – prl Apr 12 at 0:33
  • Did you drive the car at all? If not, you could argue that the value of the car was actually what you sold it for, not the MSRP. IDK how the IRS treats situations like that, though - never won anything :-( – jamesqf Apr 12 at 3:35

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Browse other questions tagged or ask your own question.