Today TaxMama® hears from John in the TaxQuips Forum with a sensible question. “Are garage sales reportable? I have never heard of anyone reporting garage sales. I assume everyone guesses their basis exceeds the gross proceeds and personal losses are disallowed.”
A man and his young wife were in divorce court, but the custody of their children posed a problem. The mother leaped to her feet and protested to the judge that since she brought the children into this world, she should retain custody of them.