@GC75 wrote: So assuming I can offset the $5,000 income with the $7,000 cost, thus showing a "loss".......do I even need to report this on a tax return?
So assuming I can offset the $5,000 income with the $7,000 cost, thus showing a "loss".......do I even need to report this on a tax return?
No, not if the item(s) were held for personal use unless you receive a tax reporting form.
