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Would proceeds from selling my old stuff on ebay require reporting the funds as income? |
State of Georgia. Not unless you made a profit on them, or depreciated them as business assets. The assumption is that you bought them with income you had already payed taxes on. I don't believe that it is income. it was your stuff...you already paid taxes on the money when you made it... Consider it recycling! Not if you sold it for less than you paid. If you sold them for more than your "basis." Basis is the amount you paid plus any depreciation allowed or allowable. For depreciation to be pertinent you would have used it in a trade or business. You would pay tax to any 'gain'. if you are selling 'old stuff', I doubt you have any gain. |
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