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Get your taxes done using TurboTax
In a nutshell, the cost basis of the books is $0. What that means is that when you report the sale of any of those books, whatever you sell them for will be 100% profit. (As to what's taxable, that depends on other business expenses you may have that may or may not be at all related to those books or their acquisition.)
‎August 17, 2022
6:03 AM