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M
momma1
Level 4
March 23, 2023

client is selling motor home for $10000.00 and using money to buy a new car. Does he claim the sale as income. It is a private sale not a trade in. If so is it claimed as other income.

  • March 23, 2023
  • 2 replies
  • 13 views
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    2 replies

    IRonMaN
    IRonMaN
    Level 15
    March 23, 2023

    Unless it was a business asset or he sold it for more than he paid for it, it wouldn't be reported.

    Slava Ukraini!
      M
      momma1Author
      Level 4
      March 25, 2023

      Thank you for your help. 

        IRonMaN
        IRonMaN
        Level 15
        March 25, 2023

        You betcha!

        Slava Ukraini!
        BobKamman
        BobKamman
        Level 15
        March 25, 2023

        Unless he's selling it on eBay Motors and gets a 1099-K for it.  

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