Is the sale of personal property subject to taxes?
If I purchase an item at an auction, and re-sell it for a substantial profit, is this taxable?
Asked on 2/03/03, 2:27 pm
1 Answer from Attorneys
Burton Haynes
Burton J. Haynes, P.C.
Re: Is the sale of personal property subject to taxes?
Yes. Income includes profits and gains from dealing in all kinds of property, including the sale of personal property.
Answered on 2/04/03, 3:52 pm
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