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JPEsq., Lawyer
Category: Family Law
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Experience:  Published articles on family law, featured in several publications for successful trial work.
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I sold an antique for 25,000 1 time income. but i paid $25k

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I sold an antique for 25,000 1 time income. but i paid $25k for it originally. where do i list that one time income on this form

You would list it under #8, if you were to list it at all. That is not income though, since your basis in the antique was equal to your sale price. So it is really just a conversion of an asset.

So the botXXXXX XXXXXne is that you don't need to list that as income, it is an asset. If you want to be safe, you would put in #8-- but I would do with an explanation that this is not income.

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