But personal losses aren't deductible, right? )

So, if your neighbor needs a hoe and you have one you bought at a garage
sale for $1.00 and he gives you $5.00 for it do you report a $4.00 gain on
the sale?


Trip


In article , says...

81mm wrote:
Your right.., these posts don't always comply with accepted syntax and
punctuation. Well, we can't keep beating this subject to death.., I say any
"asset" only apply to "business" activities, and I understand you guys say
individual also can have "assets" for tax purposes. SOoo, maybe I owe for
the past 22 years.., but the IRS has never told me so yet, or "accessed" my
"assets" yet..!!

It really doesn't matter what we say, it is the IRS that matters and
they pretty clearly say that personal assets are taxable if they yield a
capital gain when sold. This is one of the more clear things that the
IRS says. :-)

Matt