Hello,
I am an employee so I received a w-2 form from my institution and it is easy to fill for me. But my wife is currently a re-seller and this year (2019) she started to sell some goods on eBay. She is collecting some items from thrift stores and sells on eBay. She sold more than 200 items but the total income according to eBay and PayPal was about $18,000, therefore we haven't received a 1099K form. I need help about filling taxes using Turbotax. I listed my issues and questions below;
1) Can you please explain me the steps to fill this income on Turbotax? Which forms do I need to fill?
2) My main problem is about to showing the cost of this item. I haven't kept all the receipts. But all the purchases were done by credit card and I can see them on the statements. So I exactly know how much I spend for the items in total. Do I really need the receipts? Even I had the receipts, they were mostly not itemized, so I don't know or remember what is the exact cost of each items. Can I fill this way the cost of the items as expenses?
3) And some of items that we have purchased from thrift stores are not sold yet. Is it okay to fill as for example; in 2019 our income was $18,000, and the money that I spend for the items was $12,000 so my profit was $6000 in 2019?
4) I have some international sales. Do I need to fill taxes for them too?
5) We are filling our taxes together with my wife (spouse), do I need to differentiate anywhere in TurboTax?
Thank you,
