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Joined: Jan 2003
Posts: 197
Petro Enthusiast
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Petro Enthusiast
Joined: Jan 2003
Posts: 197 |
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.
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Please - NO offers to Buy or Sell in this forum category
Statements such as, "I'm thinking about selling this." are considered an offer to sell.
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Joined: Jul 2002
Posts: 3,739 Likes: 87
Veteran Member
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Veteran Member
Joined: Jul 2002
Posts: 3,739 Likes: 87 |
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
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Joined: Jan 2005
Posts: 2,702
Veteran Member
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Veteran Member
Joined: Jan 2005
Posts: 2,702 |
You're Right Jim Thanks
I wonder what an auctioneer hands a seller after an auction and what they report of that auction.
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Joined: Jan 2003
Posts: 197
Petro Enthusiast
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Petro Enthusiast
Joined: Jan 2003
Posts: 197 |
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.
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Joined: Sep 2012
Posts: 407
Petro Enthusiast
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Petro Enthusiast
Joined: Sep 2012
Posts: 407 |
I wanna say that if an auction was held and 50,000 dollars worth of signs sold somebody has to pay the irs.
Hunt long and hard the good stuff still out there. Jonathan lowry.
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