Sold a few things on consignment-taxes?
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Anonymous
| I have sold things like old baby clothes through various consignment shops and have made under $150. Do I need to pay taxes on that? |
Anonymous
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Did you make a profit (i.e., is your basis less than the amount you made)?
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Anonymous
| Oh please. |
Anonymous
| in theory yes, in practice I'd be surprised if anyone did |
Anonymous
| 19:33 I didn't make a profit considering I bought these items at higher prices. However, by virtue of being used they are worth less money. |
Anonymous
| No, that's not how it works. You only pay taxes if you profited on it, that is, its value actually appreciated. You don't need to compare to its (arbitrary) depreciated value. |
Anonymous
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OP you have got to be kidding me!!
You are concerned about taxes on a piddly $150 you made on 2nd hand clothing? |
Anonymous
there would be no taxable capital gain on the resale of used clothing. She probably paid $500 or so for teh items she sold for $150. |
Anonymous
I would not, and I'm a rules-follower. 
I tend to donate stuff instead because the deduction I get exceeds the amount of money I made from consigning, and i didn't have to spend all that time pricing and tagging and hanging stuff, and dropping it off out in the burbs and picking it up.
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Anonymous
| the IRS actually says that if you just have a couple things you sold don't bother reporting it, but if you regularly sell on ebay etc. then you should report it. |