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re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 5:57 pm to jclem11
Posted on 6/8/22 at 5:57 pm to jclem11
Let's say I bought a riding lawn mower 15 years ago and sell it for $1000 on eBay. I don't have any records on that stupid thing to calculate my basis - but I know the thing about $2500. How the frick am I supposed to "follow the law" on this mower? Am I just supposed to pay tax on the $1k sale?
2
Posted on 6/8/22 at 5:58 pm to cable
quote:
Let's say I bought a riding lawn mower 15 years ago and sell it for $1000 on eBay. I don't have any records on that stupid thing to calculate my basis - but I know the thing about $2500. How the frick am I supposed to "follow the law" on this mower? Am I just supposed to pay tax on the $1k sale?
No, in this example your basis exceeds your proceeds and there is no income tax on the transaction.
Posted on 6/8/22 at 6:04 pm to cable
quote:
Let's say I bought a riding lawn mower 15 years ago and sell it for $1000 on eBay. I don't have any records on that stupid thing to calculate my basis - but I know the thing about $2500.
Just gonna say, that is solid mower.
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