Are private sale of high end bottles taxed?

UncleBruce

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For a whole year I kept track of everything I sold, deducted booth rent, travel expenses etc. At the end the year I had cleared a bit over $500 for my efforts. Would have been better to have a yard sale. I don't keep track any longer and I didn't pay tax on the earnings as I had not even accounted for my time. It's just hobby and I have never found such a bottle as you describe. If I did I would keep it anyway. I can get a job and earn money. Rare bottles don't grow on trees so the question is sort of moot.
 

Bohdan

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What do you think? Your not tax exempt are you? It's up to you. The government probably won't go after you for one sale. I always have and always will pay my taxes. You can always start a bottle selling business. Everything you do is tax deductible. Your vehicle, gas, maintenance on vehicle, Materials, storage, workers salaries, entertainment ( taking clients out to eat), etc... hell, even your clothes if you have your name embroidered on them are a write off. I have had my tile business for over 35 years and this is how we role here in the USA!
ROBBYBOBBY64.
USA! USA! USA! USa. Usa. usa... gimmeeabreak.
 

K6TIM

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Just thought of this question. Say I'm digging and I pop up a dark red John Ryan. Perfect condition. I hop on the forum to offer it up and one of you fine folks messages me and offers me 20 gs. Would the government want a chunk of the change?
If you sold a bottle for 20 thousand it is considered income,and you have to report it the both state,&federal income.Most likely the FEDS wouldn't know about as it would not be reported on any W2 form by you,but if it were a business not private then you have to report it as income!
K6TIM
 

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