Success at Garage Sale with CVS Stuff?

[Colinsmom]

Those selling at garage sale, you realize you are breaking the law, but may never get caught, by selling the items for more than you paid and not claiming the profit on your taxes.

I don't see where anyone in this thread said that they weren't claiming profits on their tax returns. But thanks for assuming the worst!

 

[wall*e2008]

I don't see where anyone in this thread said that they weren't claiming profits on their tax returns. But thanks for assuming the worst!

Who said they were? Some may not know they should, other know and will not do it.

If I was having a yard sale and made $1000. I would say that I made $1000 that was a net of $800 after taxes. I would love to be proven wrong, but I believe most see it as their money and keep it. It is like those who work under the table.

 

[marydmjj]

Dumb question - wht is CVS'ing?

 

[C.Ann]

Those selling at garage sale, you realize you are breaking the law, but may never get caught, by selling the items for more than you paid and not claiming the profit on your taxes..

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I don't know if this is correct or not, but I do know that in some areas you need a special vendors permit (such as the ones that people have at flea markets) in order to sell such large quantities of new items without collecting sales tax and reporting it..