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Hi martys1954,
Interesting question...
Because you do not own the property in question, which implies have a basis cost of purchase, you will report your consignment fee of $500 in the example you provided and then offset by any other direct cost YOU INCURRED to sell the item in question.
You would only report your consignment fee of $500 as income and the PAYPAL fee as your cost of selling, unless there were other direct costs you paid.
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‎November 16, 2022
3:15 PM