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xek1632
New Member

I bought a used tractor last year fixed it up and re-sold it do i need to report the income?

 
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Coleen3
Intuit Alumni

I bought a used tractor last year fixed it up and re-sold it do i need to report the income?

Yes, if you sold it at a gain. The gain is found by subtracting the purchase price plus expenses from the sales price.

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Coleen3
Intuit Alumni

I bought a used tractor last year fixed it up and re-sold it do i need to report the income?

Yes, if you sold it at a gain. The gain is found by subtracting the purchase price plus expenses from the sales price.

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