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<blockquote data-quote="NationalMatch" data-source="post: 4284044" data-attributes="member: 48586">Nonsense.&nbsp; It&#039;s Schedule 1 of the 1040 form: Additional Income and Adjustments to Income.&nbsp; <a href="https://www.irs.gov/pub/irs-pdf/f1040s1.pdf" target="_blank">https://www.irs.gov/pub/irs-pdf/f1040s1.pdf</a>Line 8 is the pertinent info: &quot;Other Income.&quot;&nbsp; From the IRS website: &quot;Other income is the total of all income you receive during the year that is not wage-related.&quot;When you sell a personal item such as a gun, if you make a profit, you have to a) declare the profit and b) pay tax on the profit.&nbsp; The hinky part comes in if, in certain circumstances, say, you sell via Gunbroker and they issue you a 1099K.&nbsp; It&#039;s never happened to me but I asked my accountant about it.&nbsp; He said to bring in the 1099 and the receipt for the gun and only pay tax on the profit.&nbsp; But if a seller hasn&#039;t saved the receipt, he&#039;s likely going to have to pay the entire sales price.</blockquote>

[QUOTE="NationalMatch, post: 4284044, member: 48586"] Nonsense. It's Schedule 1 of the 1040 form: [B]Additional Income and Adjustments to Income. [/B][URL]https://www.irs.gov/pub/irs-pdf/f1040s1.pdf[/URL] Line 8 is the pertinent info: "Other Income." From the IRS website: "Other income is the total of all income you receive during the year that is not wage-related." When you sell a personal item such as a gun, if you make a profit, you have to a) declare the profit and b) pay tax on the profit. The hinky part comes in if, in certain circumstances, say, you sell via Gunbroker and they issue you a 1099K. It's never happened to me but I asked my accountant about it. He said to bring in the 1099 and the receipt for the gun and only pay tax on the profit. But if a seller hasn't saved the receipt, he's likely going to have to pay the entire sales price. [/QUOTE]

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