business






 

Question by  catboxxy (182)

How do you figure taxes for a one-time sale?

Do you have to charge tax if you're not really a business?

 
+6

Answer by  tamarawilhite (17883)

Sales taxes for vehicles are paid by the owner when the register the vehicle. Homes do not have a sales tax. Private sales are theoretically taxed, but it's rarely enforced.

 
+6

Answer by  Michele13 (1188)

If you live in a state that has a sales tax,it would probably be a good idea to charge the going sales tax in case the I.R.S.questions the sale.

 
+6

Answer by  cynosure (376)

You should not have to charge the purchaser a sales tax, but you will likely personally have to pay a gains tax on any value received over the item's basis.

 
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