OK, I see what you are doing here. It seems like there are multiple ways to do what I want. Under Other Miscellaneous Income I will have a positive and corresponding negative income. Will this raise any eyebrows at the IRS?
A couple of questions, some of the items i sold were older items that I have no receipt for and many sold for far less then what they were purchased for. Am I safe to zero that out by assuming the cost = to the price i sold for.; No loss and no gain? Or since I don't have the receipts, do I have to assume that is all income?
Concerning hobby, why is there such confusion with backing out the cost of goods sold? Some say you can reduce the income by the cost of goods sold, others say you cant.
