Author Topic: Question about taxes (USA)  (Read 639 times)

Offline Daniel

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Question about taxes (USA)
« on: January 22, 2019, 03:35:55 PM »
I'm not sure if this is the right forum, but I'll post here anyway.

There's a store near where I live that buys used items. They pay you either in cash or in store credit.

I am wondering, if I sell my stuff for store credit rather than cash, would I still be required to report it as income on my taxes?
 

Offline Gardener

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Re: Question about taxes (USA)
« Reply #1 on: January 22, 2019, 03:41:31 PM »
You already paid taxes on the money you used to buy the item to begin with.

Why on earth would you report some piddly sale of your used crap?
 

Offline Daniel

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Re: Question about taxes (USA)
« Reply #2 on: January 22, 2019, 04:01:44 PM »
You already paid taxes on the money you used to buy the item to begin with.

Why on earth would you report some piddly sale of your used crap?
True, I paid taxes on the money that I used to purchase it. But Uncle Sam likes to tax the same money multiple times. Don't ask me why.

I believe I would need to report it because of the very fact that it's 'income'. I'm no lawyer, but (apart from a few very specific exceptions) I'm pretty sure that tax law requires that all income be reported.
 

Offline Gardener

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Re: Question about taxes (USA)
« Reply #3 on: January 22, 2019, 04:15:42 PM »
You already paid taxes on the money you used to buy the item to begin with.

Why on earth would you report some piddly sale of your used crap?
True, I paid taxes on the money that I used to purchase it. But Uncle Sam likes to tax the same money multiple times. Don't ask me why.

I believe I would need to report it because of the very fact that it's 'income'. I'm no lawyer, but (apart from a few very specific exceptions) I'm pretty sure that tax law requires that all income be reported.

Dude... no.
 
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