Sale of house with personal items included.

[so bacon]

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.

1. 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.
2. Do I have to claim personal property sales if they all sold for less than I paid for them?
3. It seems like a win-win... am I missing something here?

Thanks!

[Bsch4477]

I am not a real estate tax professional so I would defer to one in your area. But the following seems reasonable to me. 

The house should be marketed and sold without regard to the personal items. They should be sold in a separate transaction. Assuming that you sold them for less than your cost there would be no tax consequences. 

[NCperson]

@so bacon  I agree.

you have two transactions occuring

1) sale of real estate where any capital gains is based on the selling price of the real estate, less its aquisition cost, etc.  this is a capital asset subject to capital gains tax.

2) personal items which presumably are being sold for less than their original value.  As such there is no tax reporting requirement and no tax to pay,   There is also no capital asset being sold so there is no ability to report the loss on a tax return.  

there is no ability to add the personal items to the cost basis of the home. if you don't split out the personal items, you are going to overpay the capital gains tax. 

it's more than a "win-win", it's really the way you are supposed to do it.