@Nashville Newborn Photographer wrote:
Can someone tell me the tax implications of selling these items?
It is actually fairly simple; the assets (items) that you expensed have an adjusted basis of $0 and any amount you receive on a sale will result in a gain which will be taxed at ordinary income tax rates.
You report the disposition of the items as the sale of business property which will appear on Form 4797 as ordinary gain.
