Protect your wallet during garage sale season

Photo: AP

LANSING, Mich (WLNS) – Summer is filled with a lot of activities and one of the favorites is visiting garage sales.

Michigan Attorney General Bill Schuette has some reminders for both buyers and sellers.

“Many residents have questions such as ‘Do I need to pay taxes on what I am selling or purchasing?’ or ‘Is a permit required?,’” said Schuette.

One thing that is important to remember is that it is illegal to sell recalled items, so whether you are a buyer or seller, be sure to search the recall list on the U.S. Consumer Protection Safety Commission website.

If you are holding a garage sale it’s always a good idea to check with your local government to see if you need a permit.

Some communities limit the number of garage sales that can be held in one year, how long the sales can last and where items can be located on the property.

Paying taxes is always a concern for buyers and sellers.

Unless a person is holding yard sales regularly or as a business, income tax reporting is not required. Losses can not be deducted.

Items being sold at yard sales are not subject to sales tax.

ONLINE: Garage sale safety tips

We welcome thoughts and comments from our viewers. We ask that everyone keep their remarks civil and respectful. Postings that contain profanity, racist, or potentially libelous remarks will be deleted. We will delete any commercial postings, as well.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s