Barrett Jackson

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the427king · #1 01-25-2018, 07:10 PM

That is correct. However if you lose 30K on a sale and do not profit on another you cannot take the 30K as a capital loss. It can only be used against profit

southernfriedcj · #2 01-27-2018, 09:20 PM

Quote:

Originally Posted by the427king

That is correct. However if you lose 30K on a sale and do not profit on another you cannot take the 30K as a capital loss. It can only be used against profit

I'm not CPA, but if you run you hobby like a business(Car Collector, LLC) I would think you could write off individual losses. Write off trips to auctions as well.

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