Auction "Income"?

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  • Justataxguy
    Senior Member
    • Jan 2013
    • 153

    #1

    Auction "Income"?

    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?
  • Jiggers
    Senior Member
    • Sep 2005
    • 1973

    #2
    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

    Comment

    • AZ-Tax
      Senior Member
      • Feb 2008
      • 2604

      #3
      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

      • Justataxguy
        Senior Member
        • Jan 2013
        • 153

        #4
        Client had it listed on their income/deduction sheet so I just thought I'd ask. Thanks.

        Comment

        • Burke
          Senior Member
          • Jan 2008
          • 7068

          #5
          Well, he was being forthright, but no reportable income unless he made a profit on something he sold.

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