Hal_Al
Level 15

Get your taxes done using TurboTax

The fact that you had to declare the value of the item as income means, for tax purposes,  that you were not  "given" the item.  You  effectively bought it with your own taxable "income".  So,  you treat it like any other used personal property that your later sold: report any profit as income; ignore any loss on the sale (a loss on the sale of personal use items is not deductible). 

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