In Reply to: Equipment sold online in 2022 will be taxable income! posted by mbnx01 on April 30, 2021 at 14:45:18:
'if I buy a two thousand dollar amp and sell it for a thousand dollars that's a thousand dollars of taxable income'
actually, after depreciation, it's either a capital gain or a net loss
you just described a loss on the sale of real goods, not income on services
the Uber and Lyft drivers of the world will definitely be affected, but the bloke who runs through used gear in flips? meh.
save your receipts, set up a spreadsheet, apply reasonable depreciation
if you're an Ebay seller [etc.] of any volume you should be doing this anyway ... but the sky's not falling here gents
with regards,
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Follow Ups
- RE: Equipment sold online in 2022 will be taxable income! - rivervalley817 04/30/2121:12:09 04/30/21 (5)
- RE: Equipment sold online in 2022 will be taxable income! - itolduso1000timesb4 07:52:29 05/1/21 (0)
- RE: Equipment sold online in 2022 will be taxable income! - troutbum 05:51:26 05/1/21 (2)
- RE: Equipment sold online in 2022 will be taxable income! - rivervalley817 10:14:15 05/1/21 (1)
- good post. nt - Tre' 09:59:50 05/2/21 (0)
- yeppers (nt) - mhardy6647 04:38:09 05/1/21 (0)