04-16-2022, 08:38 PM
Mr645 wrote:
Making the rich pay?
If I sell something for $600 and that counts as income, I guess I can write off the $1599 I pay for the item new?
You can deduct that basis from the sale price when you file your taxes. If you paid $1500 for it, but sell it for $600, you don't owe any taxes on it.