Submitted By: Peter
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

Capitalization

Adding a cost or expense to the basis of the property.

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