sell by auction or not?

[Bill Murphy]

John, PM me and I will tell you whom I recommend that is the house that I mentioned in my post. He is only a few miles from Maryland. I am in Maryland also.

[Bill Murphy]

Here I go thanking Bruce again. Tax on gun sales is BS.


Edited for a four letter word.
Mark

[George M. Purtill Member #28]

Those are extermely good questions:
1)Do auction houses file 1099s?
2) Is the income on a gain from selling a Objet d'art taxable?

I am sure one of our members can answer question #1.
I will ask my favorite tax lawyer on question #2.

[Bindlestiff]

Another option is to give the best ones to a good retail store on consignment. It may take longer to find a buyer but you may get a better return?

[C grade]

I sent an email to my CPA asking if the income on "hobby sales" is taxable.
David

[Bruce Day]

Do you deduct expenses and losses on your hobby?

[G. Wells]

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.

[George M. Purtill Member #28]

Originally Posted by G. Wells

Of course, if you don't report the gain, it's not taxable unless you are examined by the IRS.

Wow- I don't think I would follow that advice or course of conduct. Knowingly signing a false tax return is how they got Al Capone.

However, I do agree with your statement thats its taxable.

[G. Wells]

Originally Posted by George M. Purtill

Wow- I don't think I would follow that advice or course of conduct. Knowingly signing a false tax return is how they got Al Capone.

However, I do agree with your statement thats its taxable.

\

I agree completely with you. Just added that final comment, and it is not advice but a comment, because it seems many think not receiving a 1099 is sufficient to make gains not reportable and therefore non- taxable.

[George M. Purtill Member #28]

I'll bet there are a lot of unhappy people reading this thread at tax time.
The sad thing is that a lot of people could eliminate a lot of the liability by using a 1031 exchange.