Online taxes in PA?

Question

I'm selling a yamaha motorcycle online in PA. I was wondering if anyone knew if I needed to file this for income tax or if it was tax free because i sold it online? If i sold it offline would I need to file it?

Answer 1

First of all, did you sell it for more than you paid for it plus any expenses to refurbish it? If not, then you don't have a gain, so nothing is taxable for the sale.

If you made a profit, then technically the profit is a capital gain both for federal and PA purposes, and should be reported and taxes paid - but just on the gain, not the sale price. It doesn't matter how you sold it, online or not, just whether or not you had a gain.

Most of the time when people sell things like that, online or not, they sell it for less than they paid, so there's no gain to report or pay taxes on.