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Additional Details
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gaby | I am a self employed person. I do yard sales thru out the year. Can i claim federal income tax ? |
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Boom Chiki Bomb Bomb
 |
Since you are self-employed if you made more then $400 in 2007 then yes you should file. |
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talismb
|
Actually...it's not a matter of CAN you claim...if you made more than $400.00 you MUST file as it is almost assured that you will owe both federal taxes, self-employment taxes (equivalent of SSI, but you pay 100% instead of 50% like an employee) and very likely State taxes also...really better to keep on top than have the IRS bugging you down the road... |
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ninasgramma
|
If you were just selling your own personal items in a series of yard sales, that is not self-employment because it is not a business activity. If you were conducting a business activity from doing a series of personal yard sales, you would need to document that you had a legitimate business activity for the IRS to agree that you had earned income from this activity. Most localities do not allow this type of business activity, and the local laws would be considered by the IRS in determining whether you were in business.
If you were conducting yard sales for others, that is a business activity.
If you have a business activity from yard sales, file Schedule C as self-employed. You will pay income tax plus SS and Medicare taxes on your net profit. |
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Doctor Deth
 |
CLAIM? taxes - you can pay taxes, but why would you want to on stuff like that? |
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beccagirl06
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If you piad in any tax and can get it returned, go for it. If you made more than $400.00 while being self employed, you have to. |
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thunder2sys
 |
yes, its income and you must pay taxes on what you earn regardless if you are self-employed. I hope you are charging sales tax for your services too if its applicable in your state. In addition, you need to register with the state to conduct business. If not, you are conducting business illegally.
Check with an accountant or attorney. |
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v b
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A garage sale is like selling online.
The answer depends on the facts and circumstances.
Read this:
http://www.irs.gov/businesses/small/industries/article/0,,id=163622,00.html |
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taxreff
|
While the above answers are technically correct, based on experience I don't think you need to file.
People who have yard sales generally sell personal items they have bought some time before. They tend not to purchase inventory with the intention of reselling it. Generally those personal items are sold for less than they were originally purchased.
Gains on sales of personal items are taxable as capital gains, while losses on such sales are not deductible. If you are indeed selling old personal property, you probably have non-deductible and non-reportable losses. |
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lost
 |
Unless you have paid some kind of tax and have proof or talked to a accountant or maybe the irs. |
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tljmom@att.net
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it depend on whether you put claim on this as income, and it was more than 400, but if you are concerned then find a local tax preparer and ask them. |
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