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  1. #1
    Junior Member
    Join Date
    Jul 2018
    Posts
    1

    Selling Squeezebox 4 I never set up

    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
    Last edited by catherta; 2018-07-17 at 01:28.

  2. #2
    Senior Member
    Join Date
    May 2008
    Location
    United States
    Posts
    11,275
    Quote Originally Posted by catherta View Post
    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.
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  3. #3
    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 600Ç) in a year.

  4. #4
    Junior Member
    Join Date
    Aug 2018
    Posts
    1
    Do you still have the Squeezebox 4 or did you manage to sell it, Catherta? I'm interested.

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