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For 2012 Tax Tips For Year 2012.

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Old 08-28-2012, 01:45 PM
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Sale of an item received as competition award

I won a competition and received a camera package with retail value at $20,000. I sold it to someone in New York city at $15,000. How does this transaction affect my tax return of the year? How much approximately do I owe in tax for this sale???
Lastly, how do I report this transaction at the end of the year? I'm a freelance photographer, I don't sell stuff for a living.

I'm very concerned and would like to ask someone here for help. Any answer would be much appreciated.

Thanks a lot in advance.

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