J
Joe Lauton
Is this a taxable event?
Had a business 5-10 years ago - when it ended I simply
stored the scientific equipment since it could not be sold -
even as junk.
This last year I sold several batches at various prices from
$300 to $800.
The purchaser may send me a 1099 (to cover their behind in
some manner).
Can I just ignore this 'income' on my tax returns?
thanks
jl
Moderator:
Ignore it ONLY if you want to pay penalties and interest
in addition to the tax.
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
Had a business 5-10 years ago - when it ended I simply
stored the scientific equipment since it could not be sold -
even as junk.
This last year I sold several batches at various prices from
$300 to $800.
The purchaser may send me a 1099 (to cover their behind in
some manner).
Can I just ignore this 'income' on my tax returns?
thanks
jl
Moderator:
Ignore it ONLY if you want to pay penalties and interest
in addition to the tax.
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>