If I obtained something for
Less than it is worth, and then years later pawned it for more, would I owe tax on the difference? Example: I get a gift worth $2000, so it cost me nothing. Years later I pawn it for $1200 and do not repay the loan. Do I owe tax on that $1200? Would it make a difference if I had paid something for it originally? Say I bought it for $300 and years later pawned it for $1200. Do I owe tax on the $900?
Less than it is worth, and then years later pawned it for more, would I owe tax on the difference? Example: I get a gift worth $2000, so it cost me nothing. Years later I pawn it for $1200 and do not repay the loan. Do I owe tax on that $1200? Would it make a difference if I had paid something for it originally? Say I bought it for $300 and years later pawned it for $1200. Do I owe tax on the $900?
Federal Taxes: Is Money from Pawned Item Taxable
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