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Deductions & credits
Since he’s not in the business of used furniture sales and he’s doing this as a favor for his parents (where this will not be a taxable event to them) then I think we can still classify it as a gift. Things could get tricky if he sells them through somebody like eBay and he gets a 1099 form for the sales then we can revisit this post.
September 13, 2021
5:02 PM