Accounting Question? If you sell and asset, how do you report the sales tax?

Report the sale in the same manner as any other sale.*

The Sales is what the customer paid. That is the amount that goes on the State form for sales taxes

What the item cost, what you paid or did not pay has no effect on sales tax collected.

You sell the item for 10 and collect 80 cents sales tax then you claim 80 cents even if the cost value of the product is 10 cents

For tax purposes, you possibly have distinctive sales, even nonetheless one settlement and one observe. So the tax outcomes remember on lots of information you probably did no longer supply. a number of it ought to qualify for installment reporting. hazard is solid that this is a lot extra complicated which you think of, and consulting with a professional could be a solid circulate

this was likely equipment that you sold and would be reported on a sales tax report you submit to the state you operate in

if you are not already registered with the state for sales tax collection and reporting you best access their web site to see how to handle this, you do pay the sales tax on it