Originally Posted by raiderguy10
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.....
LOL. Yeah, like I said, I was reaching....and really just trying to make a point more than anything. So, are you saying that if you can show that you've lost money on the sale, such as the used toaster example, you can take it as a loss and not get taxed? I think that's the way I've been understanding it in this thread so far. However, if that is the way they see it, does that apply only to federal or does that also include the way the state would look at it?