Selling Your Stockpile?? Is It Legal?? We Have The TRUTH For You!! | #Stockpiling #SellingYourStockPile #WhatsYourDealTooGroups

stockpile

 

We hear all the time about people selling their stockpiles and the controversy if its legal or not. I’m hoping to clear up some of the questions that come along with, Is it Legal?

IS IT LEGAL TO SELL YOUR STOCKPILE?

YES it is legal to sell your stockpile items. However, DO NOT sell any items that have been recalled or is past their expiration date.

In May 2017, Chief Justice John G. Roberts Jr. of the Supreme Court wrote that “The purchaser and all subsequent owners are free to use or resell the product just like any other item of personal property, without fear of an infringement lawsuit.”

Ownership became YOURS when you were at the register and completed a completely legal purchase. Ownership of those said items remains solely yours to do with as you see fit.

Think about Ebay, Amazon, Craigslist, Yard Sales, Flea Markets, Consignment Shops, they wouldn’t exist if it was illegal to sell items that YOU own.

DO I HAVE TO REPORT THE MONEY I MAKE FROM SELLING MY STOCKPILE?

Whether you do this as a hobby or as a business you would have to file claims once the amount is over $400.00 in a one year time span.

IF I DONATE ITEMS CAN I CLAIM THAT ON MY TAXES?

YES, It pays to donate. Many charities or local food banks will give you a donation receipt. If they don’t make sure you keep track of your donations. You can claim the retail value of the product (without coupons). If you paid $2.99 for Tide on sale and with a coupon, but regular price is $9.99, you can claim the $9.99.

Here’s what you need to do:

  • Keep track of each item, including who you donated it to
  • Estimate how much each product or donation was worth
  • Fill out Form 8283 when you file your taxes, and attach it to your return

 

WYD / TOO! Groups has always supported and taken the stance with the letter of the law with regards to selling your items and the fact that the Supreme Court has made a ruling in this favor of doing just that, we say have fun selling your items!


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