The general rule is that if you used the items and then sold them for less than you bought them, then you don't have to pay sales tax. However, if you were to sell an antique or collector's item that has appreciated since you first purchased it, you'll likely have to pay taxes on profits. In these specific cases, the gain would be treated as a capital gain. Usually, that means it's taxed as ordinary income if you held the asset (the item) for less than a year, or it's considered a long-term gain with a tax rate of 0%, 15%, or 20%, depending on your total income.
For those looking to compare different types of investments, such as a Gold IRA, a comparison chart can be helpful in understanding the differences between them. A Gold IRA comparison chart can provide an overview of the various features and benefits of each type of investment. Resellers, such as department stores, grocery stores, car dealers and catalog sellers, are dedicated to buying products and reselling them. Resellers buy items and then sell them with virtually no change. Generally, resellers pay sales tax when they purchase the items, but they must collect sales tax when those items are sold to the end user.
Generally, there is no need to report online sales of used personal items. Selling your old bike on Craigslist is an example of this type of sales. Losses on personal goods are not deductible on online retailers' tax returns.
