Does anyone know this answer: if you sell some camera equipment to mpb.com will you get paperwork at the end of the year for taxes?
Do you want paperwork? Are you worried about income tax or sales tax? I doubt that you will make any profit selling to any dealer.
I've bought stuff from mbp and got a receipt. I also got an estimate from them for buying stuff from me but I sold it for more on eBay.
I have been watching EBay, but after they take 13% with PayPal the price is pretty close. I sold something to mpb and am just wondering if I will get any kind of paperwork for taxes other than a receipt.
You will do much better selling your camera equipment on this site or ebay
DennisC. wrote:
Does anyone know this answer: if you sell some camera equipment to mpb.com will you get paperwork at the end of the year for taxes?
What other kind of paperwork would you possibly need or want for taxes other than a receipt of purchase from the buyer?
olemikey
Loc: 6 mile creek, Spacecoast Florida
DennisC. wrote:
Does anyone know this answer: if you sell some camera equipment to mpb.com will you get paperwork at the end of the year for taxes?
You get an electronic receipt, and ask them for paper if you need it, or just print the electronic receipt. I never asked for one, just use the electronic version.
Mbp knows nothing about your tax basis in what you sell them. What could you possibly want other than your money?
It's not capital gains so don't worry. It's no different than selling your car(unless it happens to be a classic or rare which appreciated in value) or your circular saw on ebay.
Capital gains treatment only applies to “capital assets” such as stocks, bonds, jewelry, coin collections, and real estate property.
Having sold books on eBay several years ago, I did my own taxes and recorded what I spent on items and what I received. My experience is that unless you are claiming an unusual amount you won't trigger an audit anyway, and your electronic receipt will be plenty. Use Quicken or something like that to keep your books if you're that concerned, or just a spreadsheet (you can import your receipt image onto one). Just make sure you have the receipt available just in case. If you're paranoid about having a copy, back it up somewhere.
DennisC. wrote:
Does anyone know this answer: if you sell some camera equipment to mpb.com will you get paperwork at the end of the year for taxes?
What taxes are you concerned about? You don't owe any taxes to anybody if selling a lens. If buying, you'd be subject to SALES taxes. That would show up somewhere in the transaction process, on a screen summarizing the transaction, and you could print it out.
I really doubt you would have a capital gain on the sale of personally used equipment. If you are "in the business" it is another issue. Then you would be reporting on a Schedule C (Sole Proprietor) form enclosed in your personal 1040 filing. You would report the gross income On Schedule C and take the expenses involved on the appropriate lines of the Schedule C.
nadelewitz wrote:
What taxes are you concerned about? You don't owe any taxes to anybody if selling a lens. If buying, you'd be subject to SALES taxes. That would show up somewhere in the transaction process, on a screen summarizing the transaction, and you could print it out.
Under current US Tax Code, you would only report sales taxes PAID on Schedule A of your personal return providing you qualified to deduct them.
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