I sold around $3500 on eBay last year. I sold just old clothes and stuff I had around the house. I received the 1099-k and understand how to report it with schedule c. I am deducting the eBay fees and shipping costs as expenses. I am confused about how I input the costs of the items sold? Some of the items are years old and I do not have receipts, while other items I do have receipts in my email and such. I guess I just do not understand where I input the cost I paid for the items total? And can I only say the cost of the items I have actual receipts for? Some of the items I know the exact price I paid for them but cannot find the receipt.
I do not carry an actual “inventory” so I am not sure if I say these items as inventory or if that’s gets confusing? I don’t really understand the rules of this when it comes to eBay sales. This isn’t like an established business I’m living off of. It’s just selling things around the house every now and then to make some extra money. Any explanation of where/how to enter the cost of the items in turbo tax would be super helpful! Thanks.
