posted on February 19, 2001 02:08:05 PM
How in God's name are you supposed to calculate gains vs. losses on older items you've sold, that were collected over 20 years ago!
Proceeds from these older items is not money from heaven, as there was an initial invesment coupled with the proper care and feeding for over 2 decades--not to mention the difference in the value of the dollar between now and when originally purchased.
HOW can the IRS expect you to have receipts---or any records for that matter--when you're dealing with collectables that you started collecting as a kid!!??
posted on February 19, 2001 02:40:11 PM
I am wondering the same thing about items purchased at yard sales. You dont get receipts for items purchased at yard sales.
posted on February 19, 2001 02:46:37 PM
Consult a tax specialist to be sure, but it is my understanding that you do not have to declare the income when you are strictly selling your personal possessions, because you most likely are taking a loss on them. (Correct me if I am wrong.)
When you go to a yardsale, you can ask the seller to write you a receipt--bring your own receipt book if you want, or you can log your purchases, the date & the price you paid in a notebook.
posted on February 19, 2001 08:14:36 PM
Like I said, I have sold many items that were purchased quite a long time ago, so assessing the amount paid for the item is guesswork.
Also, I have bought certain items in better condition than the one I already owned---then sold the worse one.
How does that type thing fit into this tax scenario?
posted on February 19, 2001 08:18:39 PM
Yeah- ask a tax guy or gal. Sometimes you get what you pay for in terms of tax advice on these boards.........
that said-- my understanding is that if you sell at a profit, you need to estimate your cost basis to determine your profit. If you sell at a loss, there's no need to report the loss unless it's used to offset a gain as part of a business.
