Sale of Non-Business Items

[Charles218]

I was a self employed musician for many years, and I retired from performing in early 2025. My sheet music library contained approximately 500 titles which I then sold. There were very few titles that I took a deduction on when they were purchased, probably only 10 to 15 out of the 500. Where and how do I report the income from the sale of the music? I will file a Schedule C for 2025 as I continue to tutor students, I just no longer perform.

[PatriciaV]

If you are reporting your business on Schedule C, report the sale proceeds as "Other Income" for your business. If you didn't deduct the cost of the sheet music when you purchased it, the amount you received is all profit. For the few items you did deduct, you would reduce your sales proceeds by the cost of those items.

[Charles218]

Thank you Patricia, this is very helpful!