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In Reply to: RE: Not a fan of posted by E-Stat on March 30, 2025 at 18:41:52
and he invited me for a fish & chips dinner to express his gratitude. He is a member of Victor's tribe :)
Income: $30K
Less Cost of Goods: $30K
Profit: $0Tax: $0
-Rod
Edits: 03/31/25
it is a red flag for IRS. Now they are going to dig deep into my dark empire of illicit activities involving drugs and girls..What I was thinking :?)
he didn't want to sell them himself!
Just completely lost interest in Hi-Fi and everything related to it.
are yours.
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.
file the added form and retain a copy of original invoice until 2028 should any questions arise. :)
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