My parents purchased a professional musical instrument for me fifty years ago for approximately $700 and am currently looking to sell my instrument to a Music Store. The estimated value and sale price would be in the $6,000 range.
I am not a professional musician and gain no income from this instrument. What are my Federal and State (Georgia) liabilities? If taxes are due, am I required to pay them that quarter or file at the end of the year? Does the store need to provide me with some kind of IRS form?
Thanks.
