Alright, so just to be sure I'm doing this correctly:
-I'll take half of the cost of the item as its basis (or do I use 100% of the cost?)
-I'll take its sale price as the Fair Market Value
-I'll subtract the cost basis from the Fair Market Value
-If the Fair Market Value is below the cost basis, it's a capital loss, and I don't have to report it on my return
-If the Fair Market Value is above the cost basis, it's a capital gain, and I do have to report it on my return
Questions:
-If I can't find the original cost of a particular item, what do I use as its cost basis?
-Do I need to report each item with a gain individually, or can I do it as one lump sum?
-On the items with a gain, can I reduce the gain by adding in the cost of shipping, eBay fees, shipping materials, etc.?
Related: One individual advised me that I could zero out the numbers reported on the 1099-K forms (equal gains to losses) and make a note indicating that I was passing this income to my mother and then work through the forms on her return. The 1099-K forms have my social on them, so is that possible? I've gotten different answers on this.
