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Yes, you may have to pay taxes on selling used items, depending on the circumstances and the amount of profit made. It is important to report any income from selling used items on your tax return and consult with a tax professional for guidance on how to properly report and pay taxes on these transactions.
What else can I help you with?
How does a seller open an escrow account?
I'm a little confused by this question. An escrow account is used to finance your annual home owner taxes and insurance into a monthly payment with your mortgage. Why are you continuing you pay these items if you are selling your home. The buyer should be paying for these items.
Do you have to pay taxes on HSA distributions?
Yes, you do not have to pay taxes on HSA distributions if they are used for qualified medical expenses.
Can you buy a house and pay off all the taxes?
You can buy a house and pay the taxes for that year, but not for life of the house. The taxes change each year due to local tax bonds that are passed to pay for things like schools and other items the city may need.
Do you have to pay off your mortgage before selling your home?
No, you do not have to pay off your mortgage before selling your home. When you sell your home, the proceeds from the sale can be used to pay off the remaining balance of your mortgage.
Do you pay taxes on your checking account?
No, you do not pay taxes on the money in your checking account.
Do you have to pay taxes when selling a motorcycle?
You don't have to pay taxes when selling a motorcycle, but the buyer has to pay taxes when he goes to the title agency. Some people say the vehicle is a gift so they can avoid paying tax.
What does exempt from taxes mean?
It refers to items that you don't pay taxes on.
How does a seller open an escrow account?
I'm a little confused by this question. An escrow account is used to finance your annual home owner taxes and insurance into a monthly payment with your mortgage. Why are you continuing you pay these items if you are selling your home. The buyer should be paying for these items.
Do you have to pay taxes on selling your deceased fathers house?
That is the question !
Does selling old furniture count as income and do you have to pay income taxes on it?
yes
What was the agora used for?
The agora was used for selling and trading items and goods. They also used it for selling/trading slave farmers who couldn't pay their debt.
What did the Mycenaeans pay their taxes with?
By selling their crops and livestock to the kings.
What was the number one selling tax software in 2007?
Tax software is used to do a person's taxes, and pay their government the correct amount of money. Reportedly, the best selling tax software in 2007 was TurboTax.
When you buy a used car in Illinois does the seller pay any taxes?
He pays income taxes. You pay sales taxes.
Do you have to pay taxes when selling a car in Canada?
no no you do not. Mexicans will buy it cheaper and they wont charge tax.
What Is imputed tax?
Imputed tax is when something is assigned a certain value. Other items are used to establish this value and then you pay taxes based on that value.
Do you have to pay taxes on HSA distributions?
Yes, you do not have to pay taxes on HSA distributions if they are used for qualified medical expenses.
