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April 11, 2020
Question

I work a full-time job but would like extra cash so I wanted to sell my art. Would I have to include it in my taxes or get in trouble if I don't? How would I tax it?

  • April 11, 2020
  • 1 reply
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1 reply

April 11, 2020

you are would be a collectible.  

gains would be taxable and reported on schedule D (actually form 8949 with the collectibles box checked0

losses are a different story

Losses from selling collectible assets are deductible capital losses provided that the taxpayer held the collectible for investment purposes rather than personal purposes.

 

desisanAuthor
April 11, 2020

So if I'm using it for personal reasons like take out I wouldn't have to include it? 

fanfare
Employee
April 11, 2020

are you talking about the art works of others or your own art ?