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An individual taxpayer sells some used assets at a garage sale. Why are none of the proceeds taxable in most situations? These assets are (personal-use
An individual taxpayer sells some used assets at a garage sale. Why are none of the proceeds taxable in most situations?
These assets are (personal-use or business-use) assets. Losses on these assets (are not or are) deductible , and the proceeds of the sale are (adjutments to the basis or a return of capital); thus, the transactions are not taxable.
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