Posted by Nathan (SD) on April 04, 2012 at 23:15:22 from (75.102.183.211):
In Reply to: Re: Cash sale posted by LAA on April 04, 2012 at 11:12:05:
I am not really talking about claiming income. I am talking about defending unreported income. No. I don't report anything extra either, but in the event of an audit I am prepared to explain anything extra that IRS would find.
On page 35 bottom of middle column in Pub.525 it explains sale of personal property. Gains are taxable. Step 2,the only way to prove it aint all gain is to provide the documents from purchase no matter how long ago it was.
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Today's Featured Article - New Hitches For Your Old Tractor - by Chris Pratt. For this article, we are going to make the irrational and unlikely assumption that you purchased an older tractor that is in tip top shape and needs no immediate repairs other than an oil change and a good bath. To the newcomer planning to restore the machine, this means you have everything you need for the moment (something to sit in the shop and just look at for awhile while you read the books). To the newcomer that wants to get out and use the machine for field work, you may have already hit a major roadblock. That is the dreaded "proprietary hitch". With the exception of the
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