Sale of Guitar

[spowens]

I am selling my 1974 guitar on Reverb for $4,500.  I have never used it professionally, it has been for personal use only.  Will I be taxed on this sale and how is it reported on my tax return?

[JohnB5677]

The sale is taxable.

If you made a profit or gain on the sale of a personal item, your profit is taxable. 

The profit is the difference between the amount you received for selling the item and the amount you originally paid for the item.

IRS Sale of personal items

[NCperson]

@spowens if you sold it for more than you originally paid for it, then the gain is taxable.  If you sold if for less than you originally paid for it, the loss is not reportable on your tax return as it is a personal loss.