elessar123
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No, I'm saying as long as you don't conduct garage sales like a business, they won't care, because they'll have to let people claim losses and expenses. Unless you're conducting garage sales like a business, you're not going to have net profits after deductions in pretty much any case.It's not the act of a "garage sale" that makes something not taxable. It's the fact the IRS is assuming you're selling everything for less than you paid, a loss, so in the end there's nothing to tax. But in the event you do make a few bucks in net profit, they, in theory want to know about it. There are no federal income tax laws or definitions for what constitutes a garage sale or what items can and can't be sold at a garage sale. Garage sales aren't carte blanche un-taxes/un-reported. The government doesn't make distinctions between selling on Craigslist, eBay or your driveway. That's why that guidance page says generally all over it, because for the vast majority of people they have nothing to report in the way of net profits whether it's a garage sale or eBay auction, but in the event you start making even a little bit of net profit off something, the government is retaining their ability to come after taxes on that.
In practice, the government isn't giving a shit about most of that, online or off. They're looking for people ducking big time tax issues like not filing on whatever they earn at their 9 to 5, not Joe Blow not reporting the $100 in net profit he miraculously made off his garage sale one Saturday.
You also totally misread or purposely misconstrued the painting example because I didn't say you're sticking a $10k price tag on it, but whatever.
When you file taxes because of eBay, you can add in losses and expenses, such as supplies, internet, selling for less than what you paid, etc. They won't do it for garage sales because they'll have to allow deductions for garage sales, which will be a complete waste of everyone's time in the end.
I didn't misconstrue the painting example (that I know of). I meant that doesn't fit into any non-business garage sale, so the example didn't have anything to do with what I said. Unless of course, for some reason, you're selling a $10,000 painting at a garage sale willy nilly.
Anyways, I'm not saying you aren't supposed to report anything else. Just that garage sales would be a cluster
