According to the IRS:
"The gain on the sale of a personal item is taxable. You must report the transaction (gain on sale) on Form 8949, Sales and Other Dispositions of Capital AssetsPDF, and Form 1040, U.S. Individual Income Tax Return, Schedule D, Capital Gains and LossesPDF."
So, if someone is being a good doobie, and reporting income on a few guns he sold from his collection as required by the iRS, wouldn't this paper trail potentially get him in hot water with regard to this regulation?
Frank
"The gain on the sale of a personal item is taxable. You must report the transaction (gain on sale) on Form 8949, Sales and Other Dispositions of Capital AssetsPDF, and Form 1040, U.S. Individual Income Tax Return, Schedule D, Capital Gains and LossesPDF."
So, if someone is being a good doobie, and reporting income on a few guns he sold from his collection as required by the iRS, wouldn't this paper trail potentially get him in hot water with regard to this regulation?
Frank