So Ive got to the point where my collection of sports items is just out of control and I just have no space to keep it all. I mentioned to a buddy about selling some stuff but I didnt want to deal with the tax porition of it. He said as long as I dont sell it for more than I paid for it and take a loss I have nothing to worry about. That doesnt seem right.....
If when its all said and done I sell stuff I bought for 10,000 and sell for 5,000 (these numbers are made up) since I am selling for basically half my cost according to him I dont own taxes on it since there was no profit made. Can anyone confirm or deny this for me?
If when its all said and done I sell stuff I bought for 10,000 and sell for 5,000 (these numbers are made up) since I am selling for basically half my cost according to him I dont own taxes on it since there was no profit made. Can anyone confirm or deny this for me?
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