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.