Do I have to report and income.
My state ins New Jersey!
Please dont answer if you don't know all I need is to be thrown into prison by the IRS.
2007-02-21 02:47:56 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you sell things you already own, you probably would be selling them for less than your original cost, so would not owe taxes on the sale and would not have to report it.
If you're selling collectibles that have appreciated in value and sell them for more than you paid, then yes, that would be taxable.
2007-02-21 10:33:34 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
If you sell anything at a profit, yes it needs to be reported.
If you are selling old things around the house for less than you paid for them, then you do not have to report it.
2007-02-21 10:56:30 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
You're supposed to report the income, but most people don't unless it is an expensive or large item.
2007-02-21 10:54:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋