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I was wondering if I buy a computer for personal use for…

I was wondering if I...
I was wondering if I buy a computer for personal use for $1000 and sell it for $500, for income purposes I understand I can only go up to $500 right ? And actually that would be after fees, so if shipping and other fees accounted for $100, I can go up to $400 right, making it a net zero for the purposes of income taxes.How about sales tax? If I had purchased that $1000 for resale with $100 in sales tax, I could later claim the $100 in my state back. But since it was purchased for personal use and later sold to someone in a different state, do I get to claim any or all of $100 in sales tax back ? Or that's water under the bridge?
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3/28/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,210
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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When you sell a capital asset, the sale normally results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment.

You cannot deduct losses on the sale of property that you hold for personal use.

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Customer reply replied 3 months ago
How about recouping sales tax paid on personal property upon sale of that property ? Is initial intent must be "resale" to claim sales tax paid back - if it is used and that's resold, sales tax are forfeited ?

You would not recoup sales tax. Only a business can do that if they pay sales tax on inventory for resale.

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Customer reply replied 3 months ago
I suppose I can claim sales tax as part of the purchase price of personal property for tax purposes though. Like if the item cost me $1000 and I paid $100 in sales tax, and somehow after using it for a year, I could sell it for $1200, I could deduct the entire amount paid including sales tax to claim a profit on that personal property of only $100 instead of $200 (as it would be without sales tax). Or I must declare a $200 profit on taxes on sale of personal property? Because I cannot deduct loss, but I still must declare profits on personal property do I not?

If you itemize on Schedule A you can claim sales tax instead of state income taxes.

If you sold for more than your cost you could not deduct the sale tax to reduce the capital gain.

Yes, that is the tax law, personal use property if sold for a gain is taxable if sold for a loss no claim.

Robin D.
Robin D., Senior Tax Advisor 4
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