Totally sum of money collected from the sell was 10,000 and I used to pay off bills. Does this sum have to be reported when I file taxes for 2007. I am a student/stay at home mom and file jointly with my husband.
2007-09-26 12:09:45 · 5 answers · asked by Shades 2 in Business & Finance ➔ Taxes ➔ United States
Only if you used in business and reported the expenses/depreciation on your taxes. (Otherwise the gov would go nuts with everyone and their brother selling cars daily)
2007-09-26 12:21:09 · answer #1 · answered by Anonymous · 1⤊ 0⤋
you have to report it for taxes ONLY if you got more from the sale than what you paid, and then only on the EXCESS. However, you cannot deduct the difference as a loss on personal taxes if you got less than you paid. If you sold it as a BUSINESS sale, in the name of the business, you can take the loss as a depreciation loss if you got less than you paid, as long as you did not take pro-rata depreciation each year you owned it.
2007-09-26 19:17:19 · answer #2 · answered by Mike 7 · 1⤊ 0⤋
Only if you made a profit.
If they were sold at a loss, and you were in the business of selling used vehicles and exercise equipment, then you could declare a loss against other profits, if any.
2007-09-26 19:15:48 · answer #3 · answered by HyperDog 7 · 0⤊ 0⤋
Only if you sold it for more than you paid for it. If you sold it for less, there's no need to report it.
2007-09-26 19:34:52 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
I dont think the will find out if you do not report it
2007-09-26 19:14:48 · answer #5 · answered by Anonymous · 0⤊ 1⤋