Buying broken iPhones and reselling - liable to tax?

Discussion in 'iPod, iPhone & iPad' started by Ofas, Jun 7, 2018.

  1. Ofas

    Ofas New Member

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    Hello :) Hope you're all well.

    I often buy broken iPhones (anything newer than the 6 generally) and occasionally other Apple products, replace parts and then resell. I was wondering if this counts as taxable income? Generally I make very little from these as they more than often go to local phone shops who will happily buy in bulk provided it's in fully working condition (most of these have no warranty anyway)

    I've looked around and not found much (here's a tax calculator I found, did get an estimate of what I would pay if these are taxable) so any pointers would be super useful :)
     
    Ofas, Jun 7, 2018
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  2. Ofas

    Cory Cooper Moderator

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    Hello and welcome,

    Sorry, but I have no way of advising, as that would be up to your local tax laws.

    I guess that part of it would come down to whether it is your sole source of income, if you have an actual business setup, and what kind of quantities and profit you are talking about.

    I do know that "flipping cars" and "curbstoning" are illegal in the U.S. They are defined as repeated, unlicensed selling of cars for profit. Not sure whether that applies to this though.

    Hope that helps,

    C
     
    Cory Cooper, Jun 7, 2018
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