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Tuesday, 13 May 2014 22:22

Home sales and yard sales

Spring is in the air and signs are on the lawns. But can a yard sale or a home sale impact your taxes?

First, let's talk about yard sales. Yard sales rarely create taxable income. Not because the government is generous - even found money is taxable but for a different reason. Yard sales are sales of personal goods, items you bought or were gifted. You are selling these items for less than you paid for them. Therefore, there is no gain to report, and a loss on personal use items is not allowed.

Published in Money

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