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I had a piece of Audio equipment least 40 years. This year I

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I had a piece of...
I had a piece of Audio equipment for at least 40 years. This year I found out that it was valuable so I sold it on Ebay. I have a very small audio and video business as a part time business but I had the valuable piece many years before I started my small business. I need to know if I should list it as other income in the personal section, or if I should add it in as part of my gross income on my schedule c. My business is a sole proprietor business.
I'm 80 years old. Please help.
Thanks
Jerry
Submitted: 1 year ago.Category: Tax
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Answered in 2 minutes by:
3/22/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

If this was your personal property then you should show the sale on Schedule D and form 8949 to take advantage of the lower capital gains tax.

This was personal use and owned by you not your business so list it on the form 8949 as long term capital.

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