Quote:
Originally Posted by dad911
Yup, in NJ back in the 80's I used to bring surplus computer equipment once a year to 'TCF', a gigantic outdoor fleamarket. Even though it was sold for pennies on the dollar compared to new, one year the taxman came around checking for resale licenses, and taking down license plates. Never heard a word, but I never went back, not worth the hassle.
As to the boat, take cash...  |
This is a slightly different situation. If it was surplus equipment that you did not personally buy,
any pennies on the dollar are income to you. We all know that flea markets are not just populated by sellers disposing of their personal item at a "loss" or family heirlooms for cash. For most sellers at the larger ones, it is their
business and the items are their inventory--they are selling them for more than they paid. Perfectly legit to be taxed as income and, in some cases, require a business license. I suspect the taxman, in your case, was taking down license plates to determine which sellers show up repeatedly at this and other flea markets, in an attempt to narrow down those suspected of operating a business rather than the occasional garage sale seller.