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.

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.

Anonymous wrote:OP you have got to be kidding me!!

You are concerned about taxes on a piddly $150 you made on 2nd hand clothing?

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.

OP you have got to be kidding me!!

You are concerned about taxes on a piddly $150 you made on 2nd hand clothing?

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.

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.

in theory yes, in practice I'd be surprised if anyone did

Oh please.

Did you make a profit (i.e., is your basis less than the amount you made)?

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?