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In Reply to: The tax implications posted by E-Stat on March 31, 2025 at 06:09:58:
The gear is personal property, not business property subject to income reporting such as retail sales with cost-of-goods offsets. Nevertheless, if Wojciech reports the sale on Schedule D (proceeds of $30K) and also shows the original cost (of $30K), there is no profit or gain. This reporting would only be necessary if he sold the gear on a public reporting entity such as Paypal, an entity that issues 1099's. Otherwise it's just a one-off personal property sale.
Regardless, the net proceeds are ZERO. No tax consequence.
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Follow Ups
- RE: The tax implications - alan m. kafton 00:30:46 04/02/25 (1)
- Sure - E-Stat 05:53:13 04/02/25 (0)
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