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Tax-ability of income received from the sale of antiques?
If an individual owns several antiques and proceeds to sell them, under what conditions would the sale be considered to be taxable income? If the sale of their antiques is not being conducted for the sole purpose of generating income but merely to dispose of them, similar to an individual holding a garage sale on an annual basis, is it possible that the income generated from the sale of their antiques would not be considered to be a taxable event.
In your reply, if you choose to do so, could you provide me with a link to the source of your information. I have already checked publication 525 on the IRS website and was unable to locate anything relating to an occasional sale of property.
1 Answer
- Anonymous9 years agoFavorite Answer
Schedule D. Collectibles.
You didn't read 525 closely enough (and certainly didn't branch over to pub 550). Page 35 has a perfect example--just ignore the reference to selling the antique on eBay. A sale is a sale.