Is this a taxable event?
Had a business 5-10 years ago - when it ended I simply stored the scientific equipment since it could not be sold - even as junk. This last year I sold several batches at various prices from $300 to $800. The purchaser may send me a 1099 (to cover their behind in some manner). Can I just ignore this 'income' on my tax returns?
thanks
jl
Moderator: Ignore it ONLY if you want to pay penalties and interest in addition to the tax.