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You can sell it off as a personal income. It is not taxed on $1000 but on the capital gain, i.e. the difference between what you paid and $1000.
I hope this helps...
Yes, you will need to report this amount in your returns. For basic information, you may refer to http://www.fairmark.com/capgain/basic.htm
So, am I paying tax on the $1,000 selling tax plus the capital gain? Thank you.