View Single Post
Old February 5, 2013, 12:29 PM   #7
Frank Ettin
Staff
 
Join Date: November 23, 2005
Location: California - San Francisco
Posts: 6,906
Quote:
Originally Posted by MLeake
...A private seller, so far as I know, does not need to report the sale of personal property that is not used as part of a business. For the most part, I suspect private sellers often as not sell at a loss, in any case...
Selling at a loss is one thing. But it you sell something at a profit, that profit can still be taxable income.

It's probably true that casual sales of personal property at a profit don't get reported, and in general the amounts involved are probably trivial enough not to attract any attention.
__________________
"It is long been a principle of ours that one is no more armed because he has possession of a firearm than he is a musician because he owns a piano. There is no point in having a gun if you are not capable of using it skillfully." -- Jeff Cooper
Frank Ettin is offline  
 
Page generated in 0.05003 seconds with 7 queries