Selling Your Stuff: The Tax Dimension
The anti-clutter mantras of Marie Kondo and others are convincing thousands of people to empty their attics of the stuff they've collected over the years and sell the more valuable items on eBay or Facebook Marketplace.
In general, the IRS doesn't require you to report money you earn from these sales. But in certain situations you should, such as:
- If you're essentially running an online auction house or garage sale; or
- If you're selling valuables, such as fine art of collectibles.
Let's look at each situation separately.
Buying and selling as an online business
If you occasionally sell something online there's little to worry about, especially if you're selling it for less than you paid for it. Even if you occasionally sell one of your old Beatles albums for a decent
