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amother
Floralwhite
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 Thu, Feb 09 2017, 10:41 am
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I sold my shaitel thru a company that resells wigs. They gave me $400. I got a tax form that I owe taxes on the $400. Our taxes are pretty simple and dh does it himself. My question is that if I paid $1500 for the shaitel and ultimately sold it for $400, isn't that a net loss and therefore would not owe any taxes?
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Amarante
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Thu, Feb 09 2017, 11:41 am
You don't owe taxes on the sheitel. Perhaps they work with resellers and just generated the form automatically.
Yes it is theoretically a loss but you also don't get to declare a tax loss either :-). To me, it's like selling stuff at a garage sale and I don't know anyone who declares it as An income because there is no profit for the most part.
However, I would contact them and have them correct the report to the IRS as down the line you could heretically hear from the IRS on unpaid taxes for this. Better to do it now when it is the current tax law and records are more accessible
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