Is selling a Personal Watercraft (PWC) slip is a taxable action? If so, how is the value of the slip determined if it was not considered in the purchase of the my condo? I received the slip when I purchased the condo 2 months ago and I am selling the slip now.

ANSWER

Expert Mark Anderson's Answer:

Yes. It is a capital asset. If the condo is your personal residence and not a rental, then you may be able to qualify for the exclusion as a sale of part of your personal residence.

Mark Anderson, JD

Montana

21 yrs experience

Currently /5 Stars.
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QUESTION DETAIL

Is selling a Personal Watercraft (PWC) slip is a taxable action? If so, how is the value of the slip determined if it was not considered in the purchase of the my condo? I received the slip when I purchased the condo 2 months ago and I am selling the slip now.

Mark Anderson, JD

Accounting

Business Tax

Personal Tax

Business Finance

Personal Finance