I sold my used clothes on eBay and Poshmark to recoup some money (not as a business). Most of the clothes were sold for far less than what I originally paid. Occasionally, some items were sold for more than what I paid due to high demand. In total, I have made sales over $1000 on eBay and Poshmark, so I am expecting two 1099-Ks.
My questions are:
1. How do I report the original cost of my clothes? I do have some online receipts, but not every item has its original receipt. Will my credit card bank statement that says "on 01/01/2019, $$$ amount was paid to American Eagle Outfitter" count?
2. I was told 1099-k / personal sales can not have negative numbers in the end? How would that work? What if I sold for less than what I paid?
3. Will I only be taxed on the net gain that I made?
