Originally Posted by nephinfan
That's true, didn't think to separate that out.
As far as the personal use part:
I "use" my magazines to read & educate myself, just as I can say I "use" my cards to read & educate myself
. I just don't see how the IRS can single out some of these things when "personal use" can be such a vague description. Maybe it just depends on how technical a person gets. The whole idea just frustrates me. Next, we'll all have to fill out forms before having a garage sale. Why doesn't the government go pick on the millionaires for a while.
By the way, raidersguy, thanks for all the help you've been providing on this thread. I know there are a lot of us that appreciate it.
LOL good luck making that argument. That made my day right there.
I expanded on my statement as well above.
The reason the gov't doesn't come to garage sales is because it's personal use property. Who on Earth would buy a used toaster if they could get a new one for the same price? It's a used toaster, and it sells for less for a reason - so it's a win-win for the buyer/seller. The IRS knows you sold your toaster for less than you purchased it. Because you can't claim losses on personal use property - it is ignored.
You use your car to get you to work. You use your clothes to keep you warm. What do you "use" your Sam Bradford autographed football for? If it's personal enjoyment, it's insignificant because you will hold it forever and won't have to worry about a sale. But are you holding it hoping it goes up in value? I'd venture to say that most of us here are.....