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<p>[QUOTE=&quot;rickmp, post: 1266727, member: 28047&quot;]How much you bought it for, minus what you sold it for, equals capital gain. (You can have a negative capital gain, but can only offset that loss by other gains)</p><p>If you held it for less than one year, your capital gains taxes will be a higher percentage than if you held it for more than one year. (I don&#039;t know the percentages, though)</p><p><br /></p><p>This is assuming that one actually lists the income on their Form 1040 as required by law. </p><p>When you list the gain, you must be able to prove your cost against the sale price.</p><p><br /></p><p>If the buyer did not fill out a Form 1099, the IRS has no knowledge of the transaction, causing some to violate the law, and not report the income.[/QUOTE]</p><p><br /></p>

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