Hey all
I have learned so much here. Thanks to all the amazing contributors.
I am a casual eBay user who knows a thing or two about the price of certain items and I know where to resell them online for a profit.
So let's say I buy item A for $300 and find a place to resell it online for $430 and that money goes into my Paypal account as a "Goods and Services" payment. If I do this a few times, it sounds like I will generate a 1099-K. I dont make a lot of money in my regular job - about $65k a year - and this used to be a nice way of making some extra cash. It sounds like it might not be that anymore, and that the taxes might outweigh the benefit. So let's say I get the 1099-K. How in turbotax would I report the purchase price of the items I bought? I think I read somewhere that is a schedule D or something? Is it important that they know I only made $130 profit and not the full $430? How does this work?
Thanks.
