So this took a lot of effort - but we convinced the state of Mass to issue guidance.
I saw we
, because myself and a half dozen folks on a personal finance board I am on debated this for a couple weeks and multiple of us actually called and emailed the MA DOR and got them to agree to publish the above.
For most of us #2 applies. Note that they have now added formal language to say its not just not taxable, its also not reportable
. i.e. you dont have to fill out a schedule C or a schedule D. You dont need to do any fancy math to zero it out. You can just ignore it.
Its still unclear if the IRS will feel the same way, so I suggest if you have a 1099, print out that article, and staple it to your 1099 along with as much documentation as you can find to prove you where selling at a loss.
T-Rex 450 fbl conversion
alot of planks