There is no minmum on the amount of income that is reportable in this context. But the taxable amount is only the profit, i.e., the excess of the selling price over your adjusted basis and costs of sale. Basis must be reduced by the amount of depreciation--on personal property, depreciation would be zero, so your basis is likely your cost. Unless they are antiques, it is rare that one can sell used property for more than one paid for it. So it is likely that you have no reportable profit on these sales.
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DISCLAIMER—This answer is for informational purposes only under the AVVO system, its terms and conditions. It is not intended as specific legal advice regarding your question. The answer could be different if all the facts were known. This answer does not establish an attorney client relationship. I am admitted only in California.
(Bryant) Keith Martin
In your case there is a 2 part test. If you meet either test you have to file and report all income and losses.
1. If you were you self-employed with earnings of more than $400.00 you have to file an income tax return.
2. You must file if your gross income is at least …**
Single under 65 $9,350
65 or older $10,750
Married Filing Jointly*** under 65 (both spouses) $18,700
65 or older (one spouse) $19,800
65 or older (both spouses) $20,900
Married Filing Separately any age $3,650
Head of Household under 65 $12,000
65 or older $13,400
Qualifying Widow(er) with Dependent Child under 65 $15,050
65 or older $16,150
Disclaimer of California Attorney
Although the above response is believed to be accurate, it should not be relied upon as any type of legal advice because the information provided is incomplete. It is intended to educate the reader and a more definite answer should be based on a consultation with a lawyer. No attorney client relation is formed with me without a written contract.
Good Luck starts with a strategy and a plan.
Robert J. Suhajda, MS,CPA
17721 Norwalk Blvd. #43
Artesia, CA 90701
Former financial auditor and controller. Admitted to US Tax Court, Income Tax, IRS representation, Fiduciary income tax returns, Estate and Gift tax returns,
Homeowner Association Strategist.