SELLING YOUR OWN ITEMS. TAXES.

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SELLING YOUR OWN ITEMS. TAXES.

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SELLING YOUR OWN ITEMS. TAXES.

[+] serious ballot by fivenotes
ACTIVE Fri Sep 07, 07 - Sat Sep 06, 08
Ok you have items you paid for and own but you no longer want or need them so you decide to sell them.

Do you have to pay taxes on the money you make offa of your stuff? Stuff like video games, clothes, toys, and some bigger stuff like boat motors.

Yes so say hi to uncle sam.
Nope so get spending.
Not if it's cash transactions that can't be traced
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COMMENTS:
Voted : Yes so say hi to uncle sam.
IMO, I think you have to pay income tax on whatever money you make from selling anything AND you have to pay the sales tax on the selling price of the items as well, even if you did not ask for sales tax. I could be wrong about this.

by forgetmenot on Fri Sep 07, 07 10:30pm [+]

Not on a private sale you don't.

by britvic55 on Fri Sep 07, 07 10:34pm [+]

It usually depends on how much you make off of the transactions. If it's under so much per year, you don't have to file it as income.

As for state sales tax, unless you operate a business selling used things (like an antique shop or resale shop), you don't charge sales tax normally because you've already paid sales tax on the items when you initially bought them.

I'm more familar with new items and service type businesses than I am personal property though.

by Grumpy_Person on Sat Sep 08, 07 5:44am [+]

IRS website info. I had to put yard sale into their search to find this lol.

Did You Have an Online Garage Sale?
If your online auction sales are the Internet equivalent of an occasional garage or yard sale, you generally do not have to report the sales. In a garage sale, you generally sell household items you purchased over the years and used personally. If you paid more for the items than you sell them for, the sales are not reportable. Losses on personal use property are not deductible, either. However, see Did You Sell Appreciated Assets at an Online Auction for gain reporting.

by fivenotes on Sat Sep 08, 07 10:05am [+]

Voted : Yes so say hi to uncle sam.
So much for the Yard Sale I was going to have.

by UncleRandy on Sat Sep 08, 07 12:15pm [+]

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