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mphjr
Level 2
August 23, 2022
Question

If I sell an antique that I bought for personal use, can I deduct the cost basis or is the total proceeds taxable?

  • August 23, 2022
  • 5 replies
  • 40 views
Buy antique pottery for 1000, display in my home for personal use.   I sell it for 1500.  How much is taxable, full 1500 or just the gain of 500?

5 replies

Mike9241
Level 15
Mike9241Level 15
Level 15
August 23, 2022

just the gain is taxable and unless you are in the business of selling antique pottery (even if it was bought for personal purposes), the gain is capital gain reported on form 8949

 

Mike9241
    S
    Alumni - Champ
    SweetieJeanAlumni - Champ
    Alumni - Champ
    August 23, 2022

    Collectibles are considered alternative investments by the IRS; and include things like art, stamps & coins, cards & comics, rare items, antiques, and so on. If collectibles are sold at a gain, you will be subject to a Federal capital gains tax rate of 28%, plus whatever your state charges.

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