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desisan
New Member

I work a full-time job but would like extra cash so I wanted to sell my art. Would I have to include it in my taxes or get in trouble if I don't? How would I tax it?

 
4 Replies
Anonymous
Not applicable

I work a full-time job but would like extra cash so I wanted to sell my art. Would I have to include it in my taxes or get in trouble if I don't? How would I tax it?

 
Anonymous
Not applicable

I work a full-time job but would like extra cash so I wanted to sell my art. Would I have to include it in my taxes or get in trouble if I don't? How would I tax it?

you are would be a collectible.  

gains would be taxable and reported on schedule D (actually form 8949 with the collectibles box checked0

losses are a different story

Losses from selling collectible assets are deductible capital losses provided that the taxpayer held the collectible for investment purposes rather than personal purposes.

 

desisan
New Member

I work a full-time job but would like extra cash so I wanted to sell my art. Would I have to include it in my taxes or get in trouble if I don't? How would I tax it?

So if I'm using it for personal reasons like take out I wouldn't have to include it? 

fanfare
Level 15

I work a full-time job but would like extra cash so I wanted to sell my art. Would I have to include it in my taxes or get in trouble if I don't? How would I tax it?

are you talking about the art works of others or your own art ?

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