I sold my Lego collection at a good price because it was out of print. Do I have to pay tax on the money?
Whether tax is payable when disposing of personal items, comprehensively evaluate whether the item you want to dispose of has room for value-added, and the price of the item itself. For personal items that have collection value and value-added potential and are therefore classified as within the scope of LPP, the value-added or loss is calculated based on the selling price minus the purchase price; if there is an increase in value, the value-added part is subject to 50% value-added tax; conversely, if there is an increase in value, Loss, the loss is business, the amount can also be used for tax deduction. For LPP items such as gifts that require no purchase investment at all, regardless of whether the selling price is higher than the market price of that year, the entire amount at the time of sale needs to be counted as added value and the corresponding value-added tax must be paid. As for general personal items that are not expensive and have no room for appreciation, and are purely for personal use, the selling price and purchase price start at 1,000. If the selling price or purchase price is less than 1,000, no matter whether you only make 1 cent or 990, you can keep it with peace of mind without filing a tax return. However, because general personal items depreciate due to non-business use, the depreciation cannot be counted as a loss, nor can it be used for any form of tax deduction. Do I need to file a tax return after reselling my used personal items? Like an old car? Old antique? Old watch? Old bike? Can I deduct tax if the selling price is lower than the buying price? If it’s too high? Can I not pay tax?
