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Anne
Anne, Master Tax Preparer
Category: Tax
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Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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Is it necessary to report to IRS proceeds from sale

Customer Question

Is it necessary to report to IRS proceeds from sale (auction) of personal property to enter retirement home?
Submitted: 1 year ago.
Category: Tax
Expert:  Anne replied 1 year ago.

Hi

I'm Anne. I've been preparing taxes for 27 years, and I'll be happy to help you.

If you sell personal property at a gain, then you are required to report the sale on Form 8949, Sale of Capital Assets.

(https://www.irs.gov/pub/irs-pdf/f8949.pdf)

If however, you sale your personal property at a loss, there is no reporting requirement since the loss on the sale of personal property is not deductible.

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If, however, you sale personal property at a loss, then this loss is not deductible, and therefore you don't need to report the sale.

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