I have been living in the US for 2 years under a visa and last year I had a car accident and fortunately there were no physical injuries on both sides, but I had to sell my car. I received some amount of money in a check and now that I am doing my tax return I am unsure how to put this extra income for the IRS. How do you fill your tax refund when you sell an asset (in this case, a car)?

  • You probably don't have income, but a loss, since the amount of money you received for the car is probably less than you paid for it.
    – phoog
    Jan 30 '20 at 17:00
  • How do you indicate to the IRS that this money was the result of a loss in an asset?
    – abautista
    Jan 30 '20 at 17:02

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