General Asylum

• The tax implications - E-Stat 06:09:58 03/31/25 (2)
  In Reply to: RE: Nah, he is better than that posted by Wojciech on March 31, 2025 at 06:01:15

  are yours.
  

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  • RE: The tax implications - alan m. kafton 00:30:46 04/02/25 (1)
    In Reply to: RE: 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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    • Sure - E-Stat 05:53:13 04/02/25 (0)
      In Reply to: RE: The tax implications posted by alan m. kafton on April 02, 2025 at 00:30:46

      file the added form and retain a copy of original invoice until 2028 should any questions arise. :)
      

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