Ok so I'm in big debt and I needed cash so I sold my Macbook pro...that alone sold for 1400 my Playstation 3 my nintendo wii ect ect ect...
pretty much I made 5k, I don't work I just go to college full time.
I was wondering since I'm doing my financial aid again if I should mention that...should I? I mean I don't have anything to sell anymore and what I sold was mine so I don't think I should give the government my money from what I bought and payed tax also. would they notice if I don't?
sorry I'm 19 no idea on tax yet.
2007-12-12 14:03:03 · 2 answers · asked by Miguel 4 in Business & Finance ➔ Taxes ➔ United States
As long as you sold them for no more than the original cost, there is no tax due and nothing to report. The original cost is your cost or the cost of whoever gave them to you, if they were gifts.
2007-12-12 14:13:40 · answer #1 · answered by CarVolunteer 6 · 2⤊ 0⤋
I'm guessing that you sold the items for less than you originally paid for them - if that's the case, there is no gain, so nothing taxable or reportable.
If you buy items to sell on ebay, with the intention of making a profit on them, that's when it is taxable, not if you sell things you already own since then you would hardly ever make a profit.
2007-12-12 22:18:09 · answer #2 · answered by Judy 7 · 1⤊ 0⤋