I recently sold some of my furniture and car. Do I have to report the sales to IRS?
Thanks,
2007-02-09 11:44:59 · 5 answers · asked by NewIntheCity 1 in Business & Finance ➔ Taxes ➔ United States
If you buy something for $100 and sell it for $200 you are supposed to count the gain. Some people are doing this sort of thing on Ebay and it would be considered a business. But in your case you are just getting rid of your stuff and for less than you paid - no you can't take that as a loss either - so don't worry about it.
2007-02-09 11:51:51 · answer #1 · answered by justwondering 6 · 0⤊ 0⤋
You probably sold the items for less than you originally paid for them, so no you wouldn't have to report them or pay tax on the sale. But if you had for example a classic car that you bought for $3000 and sold for $40,000, then the $37,000 gain would have to be reported and would be taxable.
2007-02-09 20:09:18 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Unless you sold them for more than you paid (no much chance of that) then you do not need to report the sale. That is a "casual sale" not a business anyway.
2007-02-09 19:53:06 · answer #3 · answered by Rich Z 7 · 0⤊ 0⤋
you only have to report it if you make a profit on the sale. since you already paid for the item with taxed money originally.
2007-02-09 20:01:32 · answer #4 · answered by johnec4 3 · 0⤊ 0⤋
No you do not have to report a personal sell that wasn't even taxed.
2007-02-09 20:04:43 · answer #5 · answered by yahoo 3 · 0⤊ 0⤋