I was thinking about selling some things on e-bay or craigs list as a way to get rid of things and earn some extra money. Would I need to report this as income for tax purposes?
2006-11-14 06:55:36 · 8 answers · asked by shooter 1 1 in Business & Finance ➔ Taxes ➔ United States
no, its not a business its personal stuff
2006-11-14 06:58:40 · answer #1 · answered by bayareart1 6 · 0⤊ 2⤋
Only if you sell it at a gain.
1) You sell a tv for $200. You originally paid $500 for it. As it is a loss, and losses on personal items are not deductable, there are no tax reporting requirements.
2) You sell a baseball card for $200. You originally paid $10 for it. Even though it is a personal item, the gain of $190 is taxable.
Nice of them, huh!
2006-11-14 07:09:43 · answer #2 · answered by Wayne Z 7 · 3⤊ 0⤋
i dont think so because you are not actually making money on these items- assuming you are selling them for less than their purchase price
its like selling a used car- not reported income because you are not usually gaining anything- if you did only the gain would be taxed
2006-11-14 07:04:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I'll give Wayne some more credit. But it must be reported as a Capital Gain on Schedule D.
2006-11-14 10:13:37 · answer #4 · answered by Steve 6 · 0⤊ 0⤋
Wayne is absolutely correct.
2006-11-14 09:03:14 · answer #5 · answered by jinenglish68 5 · 0⤊ 0⤋
NO you don't need to claim that as income
2006-11-14 07:04:01 · answer #6 · answered by ne_patriots2005 4 · 0⤊ 1⤋
You're supposed to. but what they don't know won't hurt them.
2006-11-14 07:04:34 · answer #7 · answered by Anonymous · 0⤊ 2⤋
yeah, i'm pretty sure you're supposed to, but i won't tell....
2006-11-14 07:03:10 · answer #8 · answered by adrianne 2 · 0⤊ 1⤋