Friday, May 23, 2014

Do you need report the money you make in garage sells to the IRS?

Do you need to report the money you make in garage sells to the IRS ?  That depends.

If items are sold for less what a person paid for them orginally then the answer is no.


For example selling a item for $50 and the orginal price was $200.  This is not look upon as a $50 profit but as a

$150 loss.

And I would be weary of buying appliances especially if the appliance is unplug and stored  in a cold damp  dusty garage. Temperture changes ruin appliances.


Now if a person is moving and their new place already has a fridgerator they  may want to sell their other  one, but usually they just give it to another family member.


As for dolls, clothing, dishes or anything else that does not use power they should be all right.


As long as a person keeps below the orginal costs of  items they should be okay.

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