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personal tax

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  • 21-04-2008 6:42pm
    #1
    CamperMan
    Registered Users Posts: 1,835 ✭✭✭


    Hi,

    just a quick question, if I sell off personal goods such as a car, or rare books, musical instruments, camera equipment, etc, example, if I sold a collection of books for €3000, cleared out my workshop and got maybe €8000, sold some camera gear and got €5000, sold the car and got €5000, would I have to pay income tax on the sale of such goods,

    I am raising some much needed money to start a house build and I am looking at selling off some of my personal goods.


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    #2
    silverharp
    Registered Users Posts: 17,849 ✭✭✭✭silverharp


    you have probably posted in the wrong forum, the accounting forum would be better but if the goods you mentioned were not part of a business then you would not be liable to taxes. if any of the books or instruments had collectors value, in theory you maybe liable to CGT, but there are allowances etc, see the revenue.ie site

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



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    #3
    Time Magazine
    Registered Users Posts: 8,452 ✭✭✭Time Magazine


    Moved.


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    #4
    pigeonbutler
    Registered Users Posts: 666 ✭✭✭pigeonbutler


    Them being personal goods and it being a one-off sale rather than ongoing trading any liability would be to Capital Gains Tax rather than Income tax. But there are exemptions from CGT for certain things. Even then CGT is only chargable on the gain made (i.e. what you sold it for minus what you paid for it)

    By the sounds of things all the stuff you're selling will have lost value so won't be getting sold at a gain anyway - hence no liability. In any event cars are specifically exempt.


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