How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Anne Your Own Question
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2429
Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Type Your Tax Question Here...
Anne is online now
A new question is answered every 9 seconds

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.


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.


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.

If this has answered your question, then please take the moment to rate positive (smiley faces or stars)

It is only through positive ratings that we are compensated for our time and knowledge

Thank you for using justanswer.

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.

Related Tax Questions