I was a "small business" man until just recently. The rules and regulations under which I operated state that it's not a 'business' unless you're in it for profit. If you're disposing of a collection, or improving your collection (sometimes all at once) you're definitely not a business, and shouldn't claim it as such. Chances are you'll break even at best! I figure that most of the stuff I sell at a loss I have paid that for rental, or cost of the experience. In most cases, well worth it... I have no compunction to mark gift or sample on overseas packages. Neither of us has done this as part of a business activity, so why not? It's the postal or shipping service's problem for not being more clear on their forms. I'd check a 'private party sale' if there was such a category, and as such it should be taxed a nominal amount for the agency verifying the transaction...no more than that.
Any more is immoral and makes everybody mad! keith whaley Nick Zentena wrote: > > On March 5, 2003 11:04 am, Chris Brogden wrote: > > > > > Interesting. The current Canada-to-US forms have figured out a way around > > that. The boxes are optional, and are marked "Gift," "Sample," and > > "Documents." Not checking a box doesn't mean that you're a professional > > dealer, just that you're not sending it as a gift. Hmmm... I wonder if > > we're supposed to declare income from the sale of used goods on our tax > > forms. That's something I've never thought of before. > > Well are you doing it for a business? I don't mean full time but even just in > your spare time. Then likely. The second question is are you making money at > it? Don't forget to include all reasonable expenses in that equations. > > A lot of people are just selling off old stuff out of the closet. Likely for > a fraction of what they paid for it. So no profit no income. Then you've got > those that are dealers. Some are small time some are doing it 24/7. They > should be declaring the profit. > > Nick
