Thank you for your answer. Here is a follow on scenario/question:
Personal items sold for $6,000 (market value of goods at time of sale are $5500 - No profit)
Purchased items sold for $2000 (actual cost of those items were $500 for a $1500 profit)
Total Sales are $8,000 with a total cost of goods were $6000.
On the business side there were total expenses for platform selling fees, shipping supplies and fees, mileage, and other expenses to sell all items and run the business that were $2500. I would think that those can be deducted from the total sales and be used as a loss for the business, right?
Total Sales $8,000, less Total Cost of Goods $6,000, less Expenses $2,500 = Total loss of $500.
Thanks again for your response.
