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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?

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  • How long between award and sale? Was the dealership you sold to involved in the contest? Apr 11, 2020 at 17:45
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    You may not be able to. Capital losses on personal property are generally not deductible.
    – prl
    Apr 12, 2020 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, 2020 at 3:35

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