We cleared out years of old clothing to a consignment store and this year received a 1099-MISC. The total amount we received, and the value in Box 3, was about $2k. I can see where to declare this income, but, before I pay, I'd like to know if it is necessary or if I can specify that the income need not be taxed.
- Some posts mention that the income is taxable if and only if you received more than you paid. These items sold for significantly less than we payed for them at retail. In addition, the consignment store pays about 40% of sale price.
- We have no way to prove the above point. We have no receipts for the original purchases, and some of these items were a decade old.
