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cup0l2
New Member

Does selling a few pieces of personal furniture from my home get taxed as income?

I made a few hundred dollars. I also sold my car to an autodealer.
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Opus 17
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Does selling a few pieces of personal furniture from my home get taxed as income?

Those sales are almost never taxable. 

 

Those sales would be taxable if the items were sold for more than your cost basis.  That would make it a capital gain.   Cost basis is usually what you paid for something when you bought it.  For items that were received as a gift, your cost basis is what the giver paid.  For items you inherited, cost basis is their fair market value on the date the previous owner died.   Since you usually sell used items for less than you paid for them, selling used items almost never results in a capital gain.  However, if you used items in business for which you did or could have claimed depreciation, that lowers your cost basis and we would need to talk about that in more detail.   Or if you sold items that increased in value, that is taxable and should be reported. 

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1 Reply
Opus 17
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Does selling a few pieces of personal furniture from my home get taxed as income?

Those sales are almost never taxable. 

 

Those sales would be taxable if the items were sold for more than your cost basis.  That would make it a capital gain.   Cost basis is usually what you paid for something when you bought it.  For items that were received as a gift, your cost basis is what the giver paid.  For items you inherited, cost basis is their fair market value on the date the previous owner died.   Since you usually sell used items for less than you paid for them, selling used items almost never results in a capital gain.  However, if you used items in business for which you did or could have claimed depreciation, that lowers your cost basis and we would need to talk about that in more detail.   Or if you sold items that increased in value, that is taxable and should be reported. 

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