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Just to clarify, though, you can net your gains against your losses. So if you sell a vintage BMX bike at a $200 gain over what you originally paid for it, you don't have to report that gain if you sell the iPod at a $200 loss in the same year.
Nope. The iPod is personal use property - no deductible loss allowed. So in the situation described, you're fully taxed on the $200 gain from selling the bike, and you get no deduction for the loss on the iPod.
I had a question though. What is the tax situation for a person in my position? I purchased a receiver and speakers that newegg was running a promo for at the price of $550 but i'm planning to sell the speakers and keep the receiver. The current running value of the speakers is $425 after shipping / amazon - ebay fees it would bring it to a net total of $360. The speakers if sold are worth around $450 if sold.
You need to allocate the $550 combo purchase price to the speakers and the receiver based on their respective FMV's at the time of purchase. That basis would then be subtracted from the proceeds to determine gain or loss.
Nope. The iPod is personal use property - no deductible loss allowed. So in the situation described, you're fully taxed on the $200 gain from selling the bike, and you get no deduction for the loss on the iPod.
According to the IRS, you most certainly can net your personal property capital gains and losses.
You should report all income on your taxes. If I buy a business book from you or a stapler from you I will most likely claim it on my taxes as a business expense. Then someone at the IRS just may say oh who is this person and why didn't they claim this as income. I'm not saying that's how it works because honestly I don't know but it must be something like that.
You should report all income on your taxes. If I buy a business book from you or a stapler from you I will most likely claim it on my taxes as a business expense. Then someone at the IRS just may say oh who is this person and why didn't they claim this as income. I'm not saying that's how it works because honestly I don't know but it must be something like that.
For a Couple for example- the requirement to file taxes is hitting about the $12,000 mark. I've forgotten the exact amount. But within that realm, it's a personal decision of whether someone wants to take time to do that
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