Originally Posted by
sallen73
Your point re: eBay sellers is exactly why that is a last resort for me, almost a non-starter.
I buy bikes to ride, and generally do not sell them unless 1 of 2 things happens:
- I run out of space (10 bikes, plus related parts, in a 1 bedroom apartment makes for a "cozy" arrangement)
- I don't ride any one bike in over a year (based on gut feel).
This sale is being prompted primarily by it not being ridden, secondarily by space.
I may not ride all of the bikes frequently but I also do not have them hanging on my walls as show pieces, so I guess you could say I'm somewhere between a collector and home use. But as you say, it's not what I think...
I'd call that personal use property. Basically you can't take a loss on it.
It goes without saying that you still have a reporting requirement on sales whether it's on ebay or elsewhere...the only difference is that if it's through eBay, and they send a 1099 - the IRS has the info, and if it's not on your return, you get a matching notice.