Help: Small sale to state university

Last year I sold some old equipment (cameras, projectors) to the state university. The total amt. of this one time sale was a bit over $500. I sold it for less than I paid originally, but doubt I have the original receipts. Do I have to declare this and if so, where do I list it? How can I determine the basis for the items without receipts and since these items are no longer in production?

I am not in business of any kind and just sold the stuff to clear out my closets since they were sitting there for years.

Appreciate advice.

Reply to
Inu
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Not sure what your question is.

You said you sold it, not donated it, so it doesn't appear that you are looking for a charitable donation.

You say you sold it for less that you paid, so you don't have any capital gains to report.

All you did was get some of the money back from your purchase - money that you paid tax on when you earned it.

There does not seem to be any tax event here at all.

Reply to
Ernie Klein

It's no different than if you put the stuff out in your front yard and had a garage sale, or placed a classified ad on Craigslist.

As Ernie said, unless you made a profit on the equipment, which would be uncommon for personal-use property purchased at retail, no tax consequences.

-Mark Bole

Reply to
Mark Bole

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