In Reply to: Equipment sold online in 2022 will be taxable income! posted by mbnx01 on April 30, 2021 at 14:45:18:
That said, only profit should be taxable. I.e., buy something for $500, sell for $1000, $500 should be taxable.
Keep receipts!
If you don't currently use a CPA, you might want to start.
We started using one to do our taxes when I retired and started a small consulting LLC. I love having the CPA do our taxes!!
all the best,
mrh
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Follow Ups
- As it should be - it's a business for many, and as such, taxable - mhardy6647 04/30/2115:34:49 04/30/21 (8)
- Do carry forward losses count? - E-Stat 16:11:19 04/30/21 (5)
- RE: Do carry forward losses count? - pictureguy 21:16:37 04/30/21 (3)
- How did he make $1,250 on something he bought for $2,050 and sold for $800 - Road Warrior 03:27:10 05/1/21 (2)
- dunno, check with your CPA ;) (nt) - mhardy6647 17:07:53 04/30/21 (0)
- Well, we've heard from the Joe Biden voters - mbnx01 15:37:24 04/30/21 (1)
- Well according to the new rule they don't care if you sell a 50 buck - kff 20:35:16 04/30/21 (0)