3 ms·
Separately, even though selling used goods at a loss is deductible on income tax, you can still get chased own for sales tax, thanks to USA's absurd non-VAT sal
by gowld 5y ago
Separately, even though selling used goods at a loss is deductible on income tax, you can still get chased own for sales tax, thanks to USA's absurd non-VAT sales tax system.
- PopAlongKid 5y ago>even though selling used goods at a loss is deductible on income tax Not if the goods were for personal rather than business or investment use. Losses on sale of personal-use assets are non-deductible for income tax purposes.
- gamblor956 5y agoEvery part of your statement is wrong. 1) Selling used goods at a loss is not deductible on your tax return unless you are in the business of selling used goods. 2) Unless you are selling a lot of tangible goods (i.e., you have a business selling things), you aren't even eligible to register for sales tax in most U.S. states. 3) If tax applies to the sale of a used good in this situation, it would be a use tax that is the responsibility of the buyer to report and pay.