Thank you very much. So if I bought something in 2024 for $10.00 and sold it for $20.00 in 2025, I'll be paying taxes on the $10.00 profit. I think I get that.
It's the "inventory," part I don't understand. Why does it matter when I bought the item? If I have a receipt that I paid XXX for something and also proof that it sold in 2025 for XXX--isn't that all I need? Why does it matter what remains unsold at the end of the year?
Thanks again!
