Client had an auction to get rid of excess household items, netted a little over $600. Does this need to go on line 21 or since client probably got way less than what items were worth, does it even need to get listed as income?
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Reporting that income would probably be a first for the IRS.
There is probably a net loss on the sale of the personal items and those kind of losses are not deductible!Jiggers, EA -
Whats next, reporting garage sales
Whats next, reporting garage sales. I reside in a community where they host 2 major garage sales a year. I could just see the look on the homeowner if I handed him my card and said "you have reportable income", come see me : )Comment
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Client had it listed on their income/deduction sheet so I just thought I'd ask. Thanks.Comment
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Well, he was being forthright, but no reportable income unless he made a profit on something he sold.Comment
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