Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I recentley received a free PDA phone from my brokerage. I was wondering if anyone knew if / what amount these sort of things get reported to the IRS as interest. It's compatable only with Verizon, and Verizon sells it for $400 if you don't activate it (I didn't). I turned around and sold the phone for $280. If my brokerage reports it as $400 (or higher, you can get them from PALM for up to $600) would I be able to just report it on my 1040 next spring as what I sold it for (which I feel was its true value). I know that my number will not match up with the the brokerage reports, but I have the auction info saved to back up my claim.

Or am I going to get myself into a hassle thats not worth the $36 in tax savings?

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.