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Deductions & credits
Yes, it is possible that eBay sales may not be taxable however, all eBay sales reported on Form 1099-K have to be reported as income on your tax return. You are allowed to deduct your basis/cost of the items you sold not to exceed the amount of your sales. You can not deduct more than your reported sales as you are not a business. When you deduct the cost of the items sold and the cost is more than your sale amount you have no taxable eBay income and you have reported your Form 1099-K from eBay.
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‎February 19, 2022
6:51 PM