How do you go about declaring income generated from the sale of personal property. I mean supposed you sold $1800 worth of copper and $500 of brass. Or if you were to generate small amounts perhaps $50 to $300 per week will this then become a business. I fail to see where this is self-employment but have to figure out how to report this income; yet it does not necessarily constitute a business. It is not very clear; feedback appreciated.....
recycling scrap metal
Mar 26, 2008
2 Replies
What do you mean by the sale of personal property? Are you talking about some sort of garage sale?
Stuff you bought and used, and are now selling? If you sell at a profit, Schedule D. If you sell at a loss, you don't report it.
Where are you getting it from?
Seth
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