Posted by Nathan (SD) on April 04, 2012 at 10:24:28 from (75.102.183.211):
In Reply to: Re: Cash sale posted by LAA on April 04, 2012 at 07:44:57:
Sale of personal property is still cosidered income. In the event of the audit you still have to prove the purchase price no matter how long ago. If you sold for less than purchase price. No tax. If you sold for more than purchase price. Tax on gain. If you sold and cannot provide documentation. Tax on full amount. No audit. No problem. Chance of audit. Slim
To quote:My whole point was that I have never heard of anyone who sells a piece of personal equipment being liable for income tax on the sale.
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