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Old 01-11-2003, 02:08 AM
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Sale of gift items taxable?

What is the name of your state? CA

A relative gave me some investment stamps and I sold them. Is this taxable income? Do I mention this on my taxes at all? Thanks in advance.
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Old 01-13-2003, 03:48 PM
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Location: Washington
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Yes, they are taxable. You pay tax of no more than 28% on the net profit -- selling price - costs of sale - donor's basis (what the person who gave them to you paid). Report the sale on Sch. D in the long term gains section.
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