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How do I best report approximately $90,000 in eBay sales from personal property inherited from a parent with no profit?
My father passed away in 2021, leaving behind a considerable number of antique toys and collectibles. I sold a large portion of them on eBay, to the tune of approximately $90k (gross sales). Most of the net sales proceeds went to my mother. My father kept great records, meaning we have original receipts for enough items that we can establish that the overall amount sold was lower than the amount originally paid. Since I sold the items through my eBay account, I have to take care of reporting the sales on my tax return. What would be the easiest way to go about this so that I don't get hit with a big tax bill? I'm self-employed for my "real job," so I'm using TurboTax Self-employed, if that would be advantageous to use in any way. Thanks in advance!
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March 8, 2022
9:15 AM