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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.
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Tax Glossary
Accelerated depreciation
Depreciation methods that allow faster write-offs than straight-line rates in the earlier periods of the useful life of an asset. For example, in the first few years of recovery, MACRS allows a 200% double declining balance write-off, twice the straight-line rate.
