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  1. #1

    Default Is Revenue from Selling Used CD's "Income"

    My question involves unemployment benefits for the state of: CA

    I'm thinking of going to a record store to sell off some old CD's (mainly to clear off shelf space). I think I may get $4 or 5 dollars out of them.

    Am I supposed to report this as "income" or as money earned on the biweekly form?

  2. #2
    Join Date
    Dec 2007
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    2,357

    Default Re: Is Revenue from Selling Used CD's "Income"

    No, that's a return on investment.

    Whatcha got?

  3. #3

    Default Re: Is Revenue from Selling Used CD's "Income"

    Nice. Perhaps I should set up an ebay storefront. Hmmmm...

  4. #4
    Join Date
    Dec 2007
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    Default Re: Is Revenue from Selling Used CD's "Income"

    Quote Quoting some_questions
    View Post
    Nice. Perhaps I should set up an ebay storefront. Hmmmm...
    Now, e-bay IS a business in which you are self-employed.

  5. #5
    Join Date
    Jan 2006
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    38,867

    Default Re: Is Revenue from Selling Used CD's "Income"

    Quote Quoting PattyPA
    View Post
    Now, e-bay IS a business in which you are self-employed.
    If he is only selling currently owned cd's why would it being on eBay make a difference?

    and why is a return on an investment not considered as income. I can see if there was a negative income or a neutral income if not making any profit but if he sold a $5 cd that became a collectible for $500, why wouldn't the $450 be considered as income. It would for tax purposes, why not for purposes of UI?

    inquiring minds want to know because he really doesn't know the answer.

  6. #6
    Join Date
    Feb 2010
    Location
    CT & IL
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    Default Re: Is Revenue from Selling Used CD's "Income"

    Only if you made money on the sales.

  7. #7
    Join Date
    Mar 2009
    Location
    Key West, FL
    Posts
    2,350

    Default Re: Is Revenue from Selling Used CD's "Income"

    First of all, UC insurance is NOT welfare. It makes no difference how much income you have. People can have all sorts of income without earning money or working. Selling off your assets is NOT income for UC purposes. It is not employment. Doing it on eBay makes no difference. You are NOT self-employed when you are selling off your assets. How do you people pull this stuff out of your butts? Selling your stuff is no more income than borrowing money from your mother. If you are collecting UC your income is so low that you would have to sell a heck of a lot of stuff with big appreciation to ever have to worry about income taxes on it.

    You could own an apartment building and collect rent from people. That is not employment income. You could own patents and collect royalties. That is not employment income. You could have a settlement and get payments. That is not income for UC purposes. A relative could die and leave you a million. That is not UC relevant income. You could sell a business, but that too is irrelevant. Again, UC insurance is not welfare. There is a big difference.

  8. #8
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Is Revenue from Selling Used CD's "Income"

    Selling used goods is almost never taxable because you are selling it for less than you paid for it. There's no gain, so no income as far as income tax is concerned. Even if they were gifts to you, you would have the basis of the donor.

    Now, if you were engaged in buying and selling used CDs and you were making a profit on the sales, then you'd better be recording that income.

  9. #9
    Join Date
    Dec 2007
    Posts
    2,357

    Default Re: Is Revenue from Selling Used CD's "Income"

    And let's also not forget here that the OP is asking about income for UI purposes, not income for income tax purposes. There is a difference.

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