Tax Talk: Do you have to report garage sale profits on your taxes?

Tax Talk

(WWTI) – Scott Lawrence of North Country CPAs spoke with ABC50’s Alex Hazard about preparing for tax season in this episode of Tax Talk.

Tax preparation varies depending on profession. Lawrence said even things like garage sales can affect your taxes, but only under certain circumstances.

Typically items at a garage sale are sold for less than what was originally paid for them. For instances in which something is sold for more than what was originally paid for it, it would be reported as a capital gain on a tax return.

Learn more about tax preparation from the professionals at North Country CPAs on their new feature, Tax Talk.

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