Posted by LAA on April 05, 2012 at 01:07:31 from (86.51.147.113):
In Reply to: Re: Cash sale posted by Nathan (SD) on April 04, 2012 at 23:15:22:
When you sign your return under penalty of perjury you are verifying your income as reported, a sale of personal property that does not result in a net capitol gain is not income, it is partial recoupment of monies previously paid out for the item in question, therefore, no reportage as income required or expected. The presumption of loss stems from actual tax court cases where the courts ruled in favor of tax payers who were challenged over yard sale proceeds, personal automobile sales etc, in all of these cases the tax payers were already under audit for various other reasons. There is a body of law sufficient to allow the average transaction to pass unchallenged. People are free to file a schedule ''D'' with every tax return and itemize and exclude every personal sale item if they choose to do so but it is mostly an exercise in futility. In this particular case it does not apply in any stretch of the imagination because the old man does not make enough income to file a tax return, the sale of this baler would not change that fact. He is unjustifiably scared of the IRS just as tens of millions of other Americans are, imtimidation is their ace in the hole. This is still a constitutional republic and the IRS cannot run rampant in your personal records without some sort of justifiable cause and due process.
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