Hey Leonard. Thanks for this write up.
Could you confirm..
I realized a while ago that I could buy items on eBay and then sell them to a third party at a profit. Typically, I buy my product for $330 or so and sell for $450. So I make about $120 profit on each one. Not bad right. So according to your instructions (I am not married) I would simply report my own COGS. I dont use eBay to sell them, I have a private business who buys them buy they do pay me via PayPal. I am under the understanding that PayPal will send me my 1099-K. So it sounds like maybe its the same. The 1099-K knows how much I got paid, and the COGS entry would be my records of what I paid for each of them and then via some tax magic Turbotax would do the math on the profit only? Sound right?
