Quote:
Originally Posted by Republicaninmass
Wonderful. When the IRS come aknockin'..unreported income could be considered fraud. What's that mean?
Well you would not only be liable for interest and penalties but they can also go back more than 7 years IF they consider it tax fraud.
Risk v. Reward I guess.
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I am in no way advocating tax fraud. As I said, I've been audited without a single issue arising. I am not saying to hide anything.
Capital gains are only income if it's not offset and or documented specifically as income with profit. Does OP have documents showing he paid $1,000 and sold for $5,000? If not, how would that be documented that he made a $4,000 profit? Cause he volunteered the info here? I feel like the whole point here is being missed.
By your logic every collector buying, selling and trading at shows/online, through groups and message boards should be reporting capital gains/losses on everything. If so then you're delusional to reality. I am sure he's sold or traded items at a loss as we all have. So again, why would anyone would just volunteer a taxable profit on a single item is beyond me. If a tax form was generated then thats also fine, just show offsetting purchases in the same tax year and poof, there goes your "gains".
12-18-2023, 09:54 AM
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