Sale of Personal Storage Shed

[zeros]

Client sold a shed with a gain of about $8K. Is this a capital gain?

[Gene V]

Yes, that would be a capital gain---if he sold it at a loss, no loss would be allowed.

[S T]

Zeros-----
You never seem to give enough information in your posts - For the proper answer I am thinking more information is needed

Is your "sale" personal, Sched C, C - Corp , S Corp, Partnership, LLC, etc

Gene's rely is good for basic info -

What about business use and depreciation???


Sandy

[Will]

Zeros-----
You never seem to give enough information in your posts - For the proper answer I am thinking more information is needed

Is your "sale" personal, Sched C, C - Corp , S Corp, Partnership, LLC, etc

Gene's rely is good for basic info -

What about business use and depreciation???


Sandy

Notice the title of Zeros' post.