If i sell a piano for 16,000 dollars, Do i have to claim it on taxes & what about the check?
107354
Regarding the IRS, it depends on a lot of things. Remember gross income is income from whatever source derived, not if it is a certain dollar amount... Is it business or personal? Did you sell for more than what you bought it for? If you did, you need to look into the reporting requirements.
121716
You will pay capital gains tax on the gain.\n\nYou first calculate how much you will sell it for minus your tax basis. The tax basis is what you bought it for minus how much you have depriciated it over the years. So if you bought it for $100k and depretiated $15000 over some number of years, then your basis is $85k. If you sell it for $150k then you pay capital gains on the difference of $65k.\n\nYou tax braket determines how much you will ultimately pay. You will have to ask a CPA for how to minimize them. You might be able to do an installment sale to save a little money. That way you only pay what you get each year, you can split it into 2 years if you sell some in december and the rest in jan, or do it over several years. This will possibly keep you in a lower bracket each year.
976901
when your item is sold the money is deposited in your account, so yes you need one
894094
Debit either the asset account or inventory, depending on what the merchandise is being used for.\n\nCredit cash (or checking) for the amount of the down payment\n\nThe balance should go to Accounts PAYABLE (not receivable) or set up a separate liability account (if it is a credit card or like that).\n\nIf you sold the merchandise it would be an entirely different entry.
1086730
Per the IRS the receiver of the gift pays no tax upfront.  if it is something that would produce capital gains/ losses, you would have to pay those taxes if/ when you liquidate.\nUpto a $100,000 you do not even have to report the gift.  Over a $100,000 you merely mention it to the IRS.
378338
actually yes because. even if it is given to you as a gift you still have to pay taxes on it when you go to register it and the person has to give you a letter saying you paid 1.00 for it
328840
Well, make certain you check this with your tax professional because mine has always said this is only for specific types of items such as an automobile.\n\nIt was certainly not my intention to insult anyone, I thought I was making a light joke. I apologize if I hurt your feelings.\n\nBut I do know in the past that we had asked about deducting sales taxes at H & R and were told that this had very strict limitations. She could have been wrong because they use a lot of temp help around tax time. Conversely, there is a person who asked a question because they now owe an additional $4400.00 to the IRS because of mistakes.\n\nThat really was all I meant.
790336
Really complex area - some boffins spend all their lives looking into this.\n\nThe abbreviated answer is:\n* Yes, definitely if the property is less than three years old\n* Maybe if the property is more than three years old\n\nTechnically if a property is more than three years old it is exempt from VAT but the seller can waive this exemption (known as 'opting to tax') if they wish.  This will mean 17.5% VAT is charged on the sale (which the seller doesn't get to keep).  The reason the seller might do this is becuase if they sell a building and charge VAT they're allowed to reclaim VAT on any related costs (such as legal fees).\n\nOnce a building is 'opted' you can't change that status even if it changes hands. Therefore the next time its sold on VAT would have to be charged on the sale.\n\nThese rules only apply to commercial property - not residential.\n\nTrust me - get an accountant/tax adviser to assist - really complex area.
240267
it depend on the following \n1)was it a rental \n2)and was used for your personal residence\n\nif it was a rental the answer is yes it is considered income which is reportable to bothe state and fedral taxes \n\nknow if the property is for personal use and it is your residence and your sold to purchase another home than no but fedral taxes are stil owed unless your new home is valued more than the one you sold in that case you need to consult a tax lawer on them laws
822616
you have to claim the interest as earnings but \nif that's all you have for earnings it wouldn't be enough to bother even  filing as you wouldn't owe anything
79084
Yes, it depends on how you sell it.  If you go to this website, it will tell you all you need to know.
1062770
hate to say it, but it will be worth whatever you can get someone to pay for it.  Check with Antiques Dealers, Ebay, or maybe donate to a college for a tax write-off?  I don't know if that would work though, I am not a tax professional.
621888
Despite what the last four experts said, no, they don't take out taxes unless the estate is valued at over about \n$700,000. It used to be $675,000, but they raised it in the last year or two, so I don't know exactly.\n\nThe reason that it is not taxed is b/c your relative paid taxes on the money already, when it was earned. There may be Capital Gains Tax on real estate that is sold. That is the amount it sells for over the original purchase price.\n\nThe 'Death Tax' only applies to millionaires. Most people are not affected by this tax.
309989
You pay taxes on the interest you are paid by the bank, not on the money itself. If you have $1000 and get $20 in interest, you pay taxes on the $20. The tax on the $20 may be around $5, but you are still $15 ahead of where you would be if you put it in a safe box
95613
I would contact the taxing entity and obtain ther fair market vakue from them, or contact a realtor and have them find out for you.
530976
There's no hard and fast rule on this. Certainly small amounts of selling your used stuff is totally fine and you won't get any income tax liability. Basically, they already taxed you for the money you used to buy it, and you won't get as much for it as you paid in the first place. However, if you sell enough stuff that it moves from hobby to business, and you sell things online in order to make a profit, particularly if you buy wholesale things and sell them, you are running a business and need to declare the profits.
1067997
Any transaction involving $10K or more is reported to the IRS.  When they see this and cross check to your zero income tax return, they will surely contact you with a few pointed questions.  Any income, cash or otherwise, is taxable income and should be reported to the IRS.