Will Illinois Now Tax You On Garage Sales?
Who doesn't love a good yard sale, or even better making money from having a yard sale? Making money from a yard sale could be different is a tax is passed in Springfield.
With the current tax hike going on throughout the state of Illinois the last few weeks, it looks like one common summer ritual might be getting as well. Garage sales. According to the IRS, maybe
You sold a painting on an online auction website for $100. You bought the painting for $20 at a garage sale years ago. Report your $80 gain as a capital gain on Schedule D (Form 1040).
However, if you didn't make any money off of your item, then you will not be taxed. Most items at a yard sale you are not marking up the price, you are marking it down to sell, most likely those items will not be taxed. According to Illinois.gov,
No. These types of activities are occasional sales and are therefore not taxable.
This past couple of weeks lawmakers in Springfield have raise the prices on gasoline, and car license plate registration fees for 2020. You just have to wonder, what's left to tax?