Does selling old stuff count as income?

Selling something that you've held for less than a year generally means that profits are taxed as ordinary income and not as capital gains. However, collectibles such as works of art, antique furniture, vintage toys, comics, and vinyl records are generally taxed as capital gains no matter how long you've held them.

Does selling old stuff count as income?

Selling something that you've held for less than a year generally means that profits are taxed as ordinary income and not as capital gains. However, collectibles such as works of art, antique furniture, vintage toys, comics, and vinyl records are generally taxed as capital gains no matter how long you've held them. Taxpayers usually have a tax liability after the sale of a collector's item. If you sold the item for a price higher than its fair market value or cost basis (depending on how you purchased it), you are likely to be taxed.

If you buy and sell gold or silver, or exchange-traded funds in gold and silver, they will be taxed as collectibles (since gold and silver are considered collectibles).

Lynne Bahoora
Lynne Bahoora

Certified foodaholic. Hardcore beer ninja. Incurable coffee specialist. Certified music maven. Award-winning internet guru.