Quote Originally Posted by maltfalc View Post
they're reporting taxable income . . .
That's not correct.

Taxable income in this case is based on the price of goods sold subtract the cost of the same goods when purchased, aka the basis of the goods sold. The irony is, most of what I sell is at a loss. I mean, I sell film equipment! Like when I sold all my RB67 gear a couple of years ago . . . boy, did I take a loss on that one.

I have to admit, I did make substantial profits on two sales: A Zone VI Type II 5x7 Enlarger, and on an Arca Swiss 8x10 Type "A" Camera with Bag Bellows. Both were sold on the Forum.

And, I live in one of only two states that doesn't have a sales tax.

I better be careful, though. I may get nipped in the bud. (Do I have a bud?)