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Can I claim items I sold on my taxes?

 
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Can I claim items I sold on my taxes?

Personal items are taxable if you sold them for more than you paid for them.  The taxable amount is the difference (the gain).

If you do this as a job (eBay, etc.) then you will need a schedule C for self-employment.

If you do it occasionally, you can report the amounts as capital gains under "income from sales of stocks and other assets."  You will need to know the purchase date, purchase price, selling date and selling price.

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5 Replies

Can I claim items I sold on my taxes?

Please elaborate. Is this your business?

Can I claim items I sold on my taxes?

No they were personal items that I sold

Can I claim items I sold on my taxes?

Did you make a profit on them?

Can I claim items I sold on my taxes?

Yes I did

Can I claim items I sold on my taxes?

Personal items are taxable if you sold them for more than you paid for them.  The taxable amount is the difference (the gain).

If you do this as a job (eBay, etc.) then you will need a schedule C for self-employment.

If you do it occasionally, you can report the amounts as capital gains under "income from sales of stocks and other assets."  You will need to know the purchase date, purchase price, selling date and selling price.

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