I am selling my house as "turnkey," all items included from the appliances, furniture, linens, and decor, down to the toilet paper. There will also be 2 boats ($5k & $10k), 2 trailers ($1K and $1200), and a side-by-side ($6-8K), which require a bill of sale and title transfer for each item. I have a cash buyer doing a 1031 exchange who has asked me if I could mark a portion of the sale toward personal items.
- What would the tax ramifications be to me as the seller? I know my capital gains tax will be lower if the house is sold for less and they will have lower property taxes going forward.
- Do I have to claim personal property sales if they all sold for less than I paid for them?
- It seems like a win-win... am I missing something here?
Thanks!
