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re: taxes & reselling a laptop?
A while ago I bought a 2017 macbook pro selling for $699 for a total of $715 including the taxes (at the time similar laptops were going for $800+ used). I got a new laptop recently and am looking to sell the laptop but am unsure of what I can charge for the laptop without having to pay taxes for it.
The laptop is still good and has minimum damage that comes with time. Similar laptops are now selling for around the price that I originally bought it so I'm not trying to lose too much money here.
I've seen that if you make a profit you will have to report it so I'm trying to see what I can charge for it and minimize loss. Is the most I can charge the total of 715 or the price without tax which was 699.
1 Answer
- ShayLv 74 weeks ago
How are you going to sell it. Are you going to put it for sale on E-bay or Amazon or are you going to run an ad in a local paper or sell it to someone you know.
If you sell it on E-bay or Amazon - they will send you a 1099 form at the end of the year for all sales you made and you would then need to prove your cost vs your profit for anything you sold. So - $699 would be the most you could sell it for without making a profit. (taxes DO NOT COUNT toward your cost for the item)
If you sell it by putting it in a "garage sale" or if you sell it by advertising in a local paper and do an "in person" sale of the item without any transactions going through a third party company - there would be NO PROOF of the amount you sold it for.
