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View Full Version : Selling Squeezebox 4 I never set up



catherta
2018-07-16, 07:16
Hey! Many years ago I received a Squeezebox Duet as a gift, however due to unforseen financial circumstances (a nice way to say we got screwed by insurance after a car crash) I ended up selling a lot of things to fund a new car-including my audio sys at the time. However I'm back on track now and have just found this in a box after moving house - I'm thinking of selling it because I already have a system I use that does the same thing as the Logitech box will. My only concern is if I will incur tax on it, as it was bought as a gift so any money will just be income. I've looked at this salary website (https://salary-calculator.org.uk/) but haven't found anything about other sources of income which has got me worrying. Should I be?

Many thanks for any replies :)

garym
2018-07-16, 16:25
Hey! Many years ago I received a Squeezebox Duet as a gift, however due to unforseen financial circumstances (a nice way to say we got screwed by insurance after a car crash) I ended up selling a lot of things to fund a new car-including my audio sys at the time. However I'm back on track now and have just found this in a box after moving house - I'm thinking of selling it because I already have a system I use that does the same thing as the Logitech box will. My only concern is if I will incur tax on it, as it was bought as a gift so any money will just be income. I've looked at this salary website but haven't found anything about other sources of income which has got me worrying. Should I be?

Many thanks for any replies :)

Depends on what country you're in. In the US, if someone gifted it to you, then your "tax basis" is the same as the person that gave it to you. If they paid close to retail price, then you'd have to sell it for MORE than they paid for it (original price) to have any gain. So nothing to worry about.

olivaar
2018-07-19, 01:59
maybe this dosnt matter to you but this ist the law in germany:
if you sell used things in a private manner then you are completly tax free for the income.
if you buy and sell earlier than 12 months and you get more money than you paid for, you have to pay tax for the profit (but only if its is more than 600) in a year.

BennieS
2018-08-31, 04:26
Do you still have the Squeezebox 4 or did you manage to sell it, Catherta? I'm interested.