Selling a guitar

[Michael R]

Technically speaking, it is not double-dipping. If you paid sales tax (or bought an item second hand and paid ZERO
sales tax) on it, and then sold it at a profit later, you don't pay a second sales tax when you sell it.

It's more like buying a stock. When, and if, that stock goes up in value over a few years, and you accrue a capital gain,
then you pay a tax on the capital gain from that stock..... not additional sales tax.

This is why the sale of valuable goods is codified under law as a "capital gain" and not written under law as a
sales tax.

Yes it is!
I'm not a business. The money I use to buy and sell gear with has already been taxed.

 

[Michael R]

If it bothers you so much, then I suggest looking into legit ways to better yourself financially. My route was having a small business. You get tax breaks while increasing economic activity.

I know!
Prior to the Covid BS I operated an LLC IN Business.

 

[fractalz]

That I don't know - that's a question for your accountant. Maybe you can claim a loss, maybe you can't.

Against your income.

 

[fractalz]

Ok, then what if I buy the amp for $1000 then at a later date can only get $600 out of it....where do I report that loss?

File the $1000 as a section 179 expense against the $600 in income as well as "any" other income you had that year.

The addition of the word "any" into section 179 opens it up so you can deduct business losses agains all other income.

 

[fractalz]

Yes it is!
I'm not a business. The money I use to buy and sell gear with has already been taxed.

File those expenditures as section 179 expenses and deduct it.

 

[spagthorpe]

The new tax regs suck, but you only owe tax on any gain you realize above your cost basis - you're not double taxed, as some out there on the Internet have suggested.

That makes it easy, because I almost always loose money on gear.

 

[fcs101]

You can also try FB Marketplace; the last two pieces I sold were through FB, about all it's good for anymore. Another option is The Gear Page; several on here have used that to good effect.

 

[Gregmang]

I’ve purchased a few high end guitars right here on this forum from fellow members.

 

[Budda]

If you’re selling on forums, have references.

Kijiji and facebook marketplace seem to be the main places outside of said forums. Its tax time so stuff may sit while people figure out what they owe (or get back).