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Get your taxes done using TurboTax
You do not account for the $50 since it is less than what you paid for it. If you sold it for $125 then you would have a profit of $25 that is taxable income. As long as you resell for less than you paid for it, there is no profit and is not reportable.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎October 8, 2021
8:00 AM
3,412 Views