$26.95 
Learn more
Submitted By: Peter
Answered: May 22, 2015 12:24 pm
Answered: May 22, 2015 12:24 pm
I’ve received payment for recycling my old smartphone. Is this taxable?
While you call it recycling, in effect you are selling the item at a price that is less than what you paid for it. You have no gain to report; you cannot take a loss because the item was for personal use. Recycling can be done for old electronics, can or truck batteries, and more.
advertisement
Featured Books
Tax Glossary
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
