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About Everything Wiki » Get Rich » Do I have to pay taxes when selling second-hand items

Do I have to pay taxes when selling second-hand items

11 Jun 2023, 12:01, parser
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Imagine: you have decided to buy yourself a new laptop. But the old one still works, and therefore it's a pity to throw it away. But you can sell it — for example, through a site of free ads. Old sofas, appliances, even building materials left over from repairs — it's really possible to find a buyer for everything.

But when the amounts earned on used things become substantial, logical questions arise: what about taxes? What will happen if the state finds out about earnings — does it threaten with fines? Let's find the answers.

Is the revenue for used items considered income

Certainly. You sell something that belongs to you and get paid. It's definitely an income. Even if your reward is Tax Code of the Russian Federation, Article 210 "Tax base" not bills, but, say, a basket of zucchini — that is, profit in kind, this also counts.

If a person sells an apartment, no one doubts that he receives income. Most people know that you have to pay tax from such a transaction. The rest of the property is the same. Money from the sale of a car, a smartphone, a mixer, a roll of wallpaper — everything is considered income. And in theory, it can be imposed personal income tax. But this is usually avoided.

When the tax does not have to be paid at all

If you have owned an item for more than three years, the income from its sale is exempt The Tax Code of the Russian Federation, Article 217 "Income not subject to taxation" from the tax. The exception is when it comes to real estate, where the term is extended to five years, if the housing is not the only one. But we are not talking about apartments.

Let's say you used your treadmill, phone, toaster for more than three years, and then sold it. Then you do not need to declare this profit and pay tax. If you just kept the thing in a box and didn't even unpack it, too. You can safely get rid of it for any money and without any fear.

It is ideal to have a document that confirms the date of purchase. However, in general, the tax service does not brutalize inspections, because there are negligible situations when a person has to pay the state for the sale of second-hand things. More on that later.

When is the tax calculated and how not to pay it

If you own a thing for less than three years, the income from its sale is taxed. But there is The Tax Code of the Russian Federation, Article 220 "Property tax deductions" two deductions:

  1. In the amount of expenses. You have already spent money to buy this thing at one time. This means that the income will not be the entire amount received from the buyer, but the difference between it and your expenses. For example, at the height of the pandemic, you bought a treadmill for 30 thousand rubles. A year later they decided to sell it for 20. If you compare the two amounts, it turns out that you are even in the red — there is no income. The only caveat is that it would be nice to have a receipt that confirms your spending.
  2. In the amount of 250 thousand rubles. If there is nothing to confirm the expenses with, you can always use the second type of deduction. The state does not charge a percentage of the profit in the amount of up to 250 thousand, which was received during the sale of any property, except real estate. That is, if you sold a painting, a basket, a cardboard box and a small dog (which is also considered property) and earned less than 250 thousand on this, you do not need to pay tax.

The deduction option can be selected. For example, you bought a game console for 30 thousand rubles. A year later they decided to sell it. The dollar has grown relative to the ruble, and you offer it to the buyer for 35 thousand rubles. The receipt is on hand, and you can take advantage of the deduction in the amount of expenses. But the option with the amount of 250 thousand is more profitable. In the first case, you need to pay a tax of 5 thousand, in the second — you do not have to pay anything.

Previously, in order to do everything according to the law, it was necessary to declare income to the tax service — to file a declaration 3‑personal income tax . Now, if you sell things at a price below 250 thousand rubles, you don't need to do anything Federal Law No. 305‑FZ of July 2, 2021 "On Amendments to Parts One and Two of the Tax Code of the Russian Federation and Certain Legislative Acts of the Russian Federation" . Moreover, this works even for several products if the total amount is below 250 thousand.

When you sell a used treasure for more, you need to provide a declaration by law. At the same time, you can use the first type of deduction and not pay tax if the purchase costs were higher than income.

Things to remember

  1. The money that is received from the sale of used property is considered income.
  2. If you have owned a thing for more than three years, you do not need to pay any taxes. Feel free to sell.
  3. If the goods have been owned for less than three years, the income is theoretically taxable. But there are two deductions that allow in most cases not to pay it.
  4. Of the two deductions, you can choose the one that fits better.
  5. While the income from the sale of used items is less than 250 thousand rubles, you do not need to notify the tax service about them.
  6. If the profit is more than 250 thousand, according to the law, it is necessary to file a 3‑NDFL declaration with the Federal Tax Service. This does not make it impossible to get a deduction for expenses.
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