"ended up dropping one of the (unopened) cans of paint on my foot"
OMG, Ouch!!
"I need to get it all done by the 28th, because that's when the flooring is being replaced and I'd rather paint while the old nasty carpeting is still down, y'know?"
Yep! We had our upstairs painted then replaced the carpet. I had the downstairs painted then replaced the flooring. Smart move. lol
Sale of personal items. If you sold an item you owned for personal use, such as a car, refrigerator, furniture, stereo, jewelry or silverware, your gain is taxable as a capital gain. Report it on Schedule D (Form 1040). You cannot deduct a loss.
However, if you sold an item you held for investment, such as gold or silver bullion, coins or gems, any gain is taxable as a capital gain, and any loss is deductible as a capital loss.
Example: You sold a painting on an online auction Web site for $100. You bought the painting for $20 at a garage sale years ago. Report your gain as a capital gain on Schedule D (Form 1040).
No, I think one must report all gambling winnings (and of course one can report losses as well), although there are certain amounts where a w2g is required and certain amounts are required to have federal withholding, but I believe that winnings are fully taxable, unless offset by losses.
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"ended up dropping one of the (unopened) cans of paint on my foot"
OMG, Ouch!!
"I need to get it all done by the 28th, because that's when the flooring is being replaced and I'd rather paint while the old nasty carpeting is still down, y'know?"
Yep! We had our upstairs painted then replaced the carpet. I had the downstairs painted then replaced the flooring. Smart move. lol
Here is what my tax people gave me:
Sale of personal items. If you sold an item you owned for personal use, such as a car, refrigerator, furniture, stereo, jewelry or silverware, your gain is taxable as a capital gain. Report it on Schedule D (Form 1040). You cannot deduct a loss.
However, if you sold an item you held for investment, such as gold or silver bullion, coins or gems, any gain is taxable as a capital gain, and any loss is deductible as a capital loss.
Example: You sold a painting on an online auction Web site for $100. You bought the painting for $20 at a garage sale years ago. Report your gain as a capital gain on Schedule D (Form 1040).
Every dime they get?
PumpkinAngel
I'm sorry, I don't understand what is not clear.
PumpkinAngel
Not to claim income, which was the question you asked.
PumpkinAngel
No, I think one must report all gambling winnings (and of course one can report losses as well), although there are certain amounts where a w2g is required and certain amounts are required to have federal withholding, but I believe that winnings are fully taxable, unless offset by losses.
PumpkinAngel
Again
I am a WOHM.
We in the process of selling some land.
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