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joegetit
March 15, 2025
Question

Restoration of antiques and antique sales

  • March 15, 2025
  • 1 reply
  • 0 views

I have a client who restores antiques and also buys and sells antiques as a business.

 

Does my client have to pay taxes on income received from:

 

1) the restoration of antiques?

 

2) the sale of antiques?

 

 

    1 reply

    A
    AnnetteB6
    March 17, 2025

    Yes.  

     

    Both the restoration and selling of antiques and simply buying and selling for a profit are considered to be self-employed businesses (on their own or together as a single business).  If there is an overall profit made from doing this work, then income tax and self-employment tax would be owed.

     

    Report the income and expenses on Schedule C.

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    J
    joegetitAuthor
    March 18, 2025

    Thank you for the reply about antiques and antique sales. I am aware the income earnes is self-employed subject to income and FICA.

    However; in New York, is this income subject to sales tax?

    Is it possible that the sale of antiques might be subject to sales tax, but not the restoration income?

    PatriciaV
    PatriciaV
    March 19, 2025

    The State of New York Tax Bulletin Quick Reference Guide for Taxable and Exempt Property and Services (TB-ST-740) specifically mentions as subject to sales tax:

    • the sale of furniture, appliances, and light fixtures, and 
    • maintaining, installing, servicing, and repairing of tangible personal property.
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