Is selling personal property, values over ten thousand dollars, taxable by the IRS?

Answer 1

Theoretically, yes. You can also claim a loss (if you sold the property below its purchase price adjusted by the value of improvements you made) and use it to offset your capital gains.

For more information, check out the IRS instructions for Form 1040 Schedule D:

http://www.irs.gov/pub/irs-pdf/i1040sd.pdf

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Answer 2

Property held for personal use only, rather than for investment, is a capital asset, and you must report a gain from its sale as a capital gain. However, you cannot deduct a loss from selling personal use property. Gain is reported on schedule D (form 1040).

Answer 3

Only if you make money on the sale. If for example you sell your car for $14,000 but you paid $20,000 for it, then the sale isn't reported or taxed. But if you have a collector car that you paid $200 for, then spent $6000 to fix up, then sold it for $14,000, then the profit of $14,000 - $6200 or $7800 would be taxed.

Answer 4

The profit is taxable if you sold it at a gain.