How do I sell spare parts?

To elaborate, sometimes people give me their old stuff when I install new stuff. In what asset account do I put my 'junk'. Do I have to report the value-challenged spare parts gifts as income?

Thanks _JB

In the process of doing repair work, many customers tell me they don't want the old parts back. If they have some value and are later put on other repair jobs and sold as used parts, I enter them in inventory as trade-ins at zero cost. I don't think they would be taxed as gifts because they were part of the original repair job transaction, and the profits are taxed later. The asset account is inventory. I make a notation on my copy of the original sales slip whether they were good enough to put in stock or if they were bad and simply discarded.

Bob

Thanks for the reply.

I'm also considering stuff that I bought years ago for myself and that I don't mind getting rid of - essentially out of my pocket.

I.E., I bought a computer tower 3 years ago and it came with a power supply. I built a computer, haven't touched it, and now want to sell the power supply. How do you move personal items into your business to sell because it's convenient? (of course, I let the customer know - but when fixing a 5 year old computer, people are happy to get something second hand that works for cheap).

-J