Gains on Sale of Personal Property
Bruce - Don't think that's relevant other than the possibility of recognizing losses if you have treated your hobby as a business and then it's subject to hobby loss rules.
IRS Regulations
Personal-use property. Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain. Loss from the sale or exchange of that property is not deductible. You can deduct a loss relating to personal-use property only if it results from a casualty or theft.
Of course, if you don't report the gain, it's not taxable unless you are examined by the IRS.
|