Legal Question in Civil Litigation in Texas

Antique furniture

If I sold some family antique furniture for $100,000 what tax would I have to pay on this?

Thanks,

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Asked on 11/28/06, 10:58 am

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Antique furniture

You'd owe sales tax to the state. You'd owe the federal government long-term capital gains for the difference between the sales price and the basis value when the furniture came into your possession.

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Answered on 11/29/06, 11:43 am


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