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Is it necessary to report to IRS proceeds from sale

Customer Question
(auction) of personal property to...
Is it necessary to report to IRS proceeds from sale (auction) of personal property to enter retirement home?
Submitted: 2 years ago.Category: Tax
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Answered in 1 hour by:
10/21/2015
Tax Professional: Anne, Master Tax Preparer replied 2 years ago
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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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.

If you have any questions, please post them here & I'll be notified.

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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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Anne
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
2,439 Satisfied Customers
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses

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