Thanks again, but now I'm even more confused than I was when I first posted. :( Just when I think I get it, that "inventory," thing gets mentioned and it just doesn't make sense. I want to sell a stockroom full of stuff and pay the appropriate taxes on my profit. Surely millions of people are doing this so it must not be this confusing. Am I counting everything at the end of the year that I have sitting around? If I buy something to sell this year and I sell it NEXT year, don't I just incorporate those figures into NEXT year's taxes? $5.00 item that sells for $10.00 and I pay taxes on the $5.00 profit NEXT year?
Pulling my hair out here.
