Is there some information you can provide me about selling personal household goods?

[Paper Roses]

As a very senior, I find myself in a position that is making me sick! At 83 and living on only S.S, I can't keep up with the cost of everything. My house taxes and insurances are thru the roof.

I want to sell some things on local Facebook pages but not sure how much I can sell before I am taxed.
I read some time ago that the limit for 2026 is $600. Is this correct?
This would be household goods and I have no receipts for any of it.
Just a few pieces of furniture would bring me over that, the small stuff not so much.

I googled for the info but the info I found was mostly directed to those who sell for a business.
Lots of "like new" kitchen appliances, extra lamps, new towel sets and household stuff that would bring little $ but could add up. I have a few antiques that could bring the whole thing over $600.
I want to do it right but I feel that the figure is low, especially for us old timers who are trying to downsize and generate a little money.

Any guidance would be appreciated.

[MichMan]

1. You are supposed to self declare all income on taxes; there is no dollar figure exemption.

Regardless of the amount.

Those amounts you were referring to was about Internet payment sources being required to report payments to the IRS; it had nothing to do with owing taxes. That $600 you were referring to was passed in 2021; that was changed this year to be $20,000.

With the standard deduction plus the additional $6000, it is unlikely that you would still owe anything even with the extra sales.

[3Hotdogs]

2. I'm also 83. We just sold our house last month. We weren't forced to. We just wanted to.

Now we have $300k that we have invested and can ad the appreciation and dividends to our SS. This takes a lot of pressure off of us.

Rent is $1,600 per month and with SS and other income, we will have money at the end of each month.



I urge you top consider selling your house. BUT WHATEVER YOU DO, do not take a reverse mortgage.