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Author: sweth Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121175  
Subject: Tax liabilities on personal (non-business) sales Date: 6/23/2001 9:13 PM
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(Not sure if this is the correct group for this, but I couldn't find a better one...)

I've accumulated a rather large amount of computer equipment over the years, and I'm in the process of cleaning house and selling most of it, both directly to friends and also via eBay. I have two questions about the tax implications of this:

1) Do I need to charge sales tax on any of these sales?
2) Do these sales count as income for tax purposes?

TIA for any advice/comments,

Sweth.
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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 52032 of 121175
Subject: Re: Tax liabilities on personal (non-business) s Date: 6/23/2001 10:10 PM
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1) Do I need to charge sales tax on any of these sales?
2) Do these sales count as income for tax purposes?


1) Maybe yes, maybe no. It depends on your state's sales tax laws.

2) Technically, yes. However, you are only taxed on your gain. Since it's not likely that you will sell any of the equipment for more than you purchased it for, the sales won't be reportable on your income tax return.

And, no, you cannot deduct the loss.

Ira

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