Hi, I live in NJ and sold 2 (1) week vacations in my timeshare on ebay for a total of $1,100 for both transactions. eBay sent me a 1099-k. I didn't actually make this amount. It cost me $600 to purchase the vacation slots, and I resold them on ebay for $1100 whereas my real profit was only $500. How do I properly report this?
And what if I had sold them for $1100 and never made a profit at all. Wanting to know this for the future.
Thank you in advance.
