Sale of a boat, where does it go on 1040 and what can I deduct?

Its personal property, a boat cost me 10k several years ago. Sold it for 3k but also spent another 1k in selling costs (including 500 in property taxes). How do I report this and what is deductible? all of it, some of it? WHere does it go on the 1040?|||You don't report it - a loss on a personal item isn't deductible. Not ANY of it.|||Unless you used your boat, mainly for business, it is considered personal property. And you can not deduct the losses from personal property. Sorry, you are out of luck.





However, you can deduct the taxes, in the year you paid them.|||Dear MR: Personal property losses are not deductible but had you sold it for a profit it would have been a taxable gain. Guess who makes the rules!!





May have been better to have donated the thing.





This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor