Primarily Petroliana Shop Talk Forums Shop Talk Petroliana Forums General Petroliana Discussion Best place to sell signs???

Maybe I can simplify the tax question.
Do you pay income tax when you sell at a show? How about when you have a yard or garage sale? Do you pay income tax on a pump or sign you sell on ebay?
Selling personal property at public auction has NO income taxes paid by the seller, The same as the above situations.
Now if you are thinking of "sales tax" this is another subject.
Hope this sheds some light.

Technically speaking - ANYTHING you sell generates 'income' - which you are supposed to pay 'Income Taxes' on.

If you sell at a yard sale or an auction - it's still income to you.

If you plan on trying to list everything you sell as liquidated investments, you will need to have initial costs documented so you only pay tax on the 'profit'. At whatever rate that is in 2013.

This is not the place to get this type of information. Talk to your personal tax person or a reputable CPA or Tax attorney.

Later . . .

Jim

You're Right Jim Thanks

I wonder what an auctioneer hands a seller after an auction and what they report of that auction.

An auctioneer hands the seller at the end of the auction a closing statement, an itemized list of everything that sold and who bought it and a check for their merchandise minus the expenses. Simple as that.

I wanna say that if an auction was held and 50,000 dollars worth of signs sold somebody has to pay the irs.