What is the max you can make at a garage sale and not have to report it as income?
- STEPHENLv 78 months ago
There is no "maximum". The official line is that the law requires that all income is reported.
However, as 99% of the stuff sold at garage sales is sold at a loss it counts for capital gains tax rather than income tax.
- KISS MY GRITSLv 68 months ago
ALL income must be reported
- Anonymous8 months ago
If you sell, say, a 20cent comic book for $1, you have 80 cents in gain and *it* is reportable.
I just did my taxes with a line on schedule D/form 8949 that read "personal items sold on eBay at a gain."
- Incorrect AnswerLv 68 months ago
Anything you sell is taxable so the profits on top of your normal wages will be taxable. Really though, nobody is checking whether you pay tax on what you sell.
- What do you think of the answers? You can sign in to give your opinion on the answer.
- SimplytheFACTSLv 78 months ago
in reality, you don't need to report anything...no one will really know unless you make a career out of it (do it every weekend). and if you don't actually profit, its not income.
for example, you spent $1000 on the items you are re selling, but only bring in 100 cash, its not profit.
but if you go dumpster diving and get items for free and turn around and sell them for $100, that is profit.
- regeruggedLv 78 months ago
If you sell something for less than you paid for it, you don't have net income so nothing to report, regardless of total sales.
- StephenWeinsteinLv 78 months ago
Whatever you paid for the stuff that you sold. If you sell anything for more than it cost you, then you must report that as income. Also, if you sold anything that you bought just so you could resell it. But if it's all your old stuff that you bought to use yourself, and you sold each thing for what it cost you, or less, then you're good.