i want to auction stuff to clear room in my home, but i was wondering do i have to pay taxes on the items i auction?
2007-07-26 10:04:02 · 3 answers · asked by mauzer666 1 in Business & Finance ➔ Taxes ➔ United States
Probably not. You only pay taxes if you have a net gain when you take the selling price, minus what you bought the items for, minus selling expenses. If you are selling items from around the house, then you probably don't have a gain.
But if you are buying items to sell and making money on it, or found some valueable item at a flea market for $10 and sold it for $5000, then yes you'd owe taxes.
2007-07-26 11:43:01 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Any taxes on gains from sales would be capital gains taxes.
As long as you are not doing this as a business or on a regualr basis, any in state sales will not be subject ot sales tax either. Many states have exemptions for casual sales.
2007-07-26 20:11:53 · answer #2 · answered by Steve 6 · 0⤊ 0⤋
If you are selling things around the house for less than you paid for them, you do not have to pay income taxes on that money.
2007-07-26 17:08:45 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋