There are three ways to report this income.
1) You are in the business of resale. Enter it on Schedule C to show income and expenses. Do you have a business? ( I however a small business.)
2) You have capital assets that you sold. You would enter your cost basis and sales price. I don't know if this applies to you.
A capital asset is property that is expected to generate value over a long period of time. Capital assets form the productive base of an organization. Examples of capital assets are buildings, computer equipment, machinery, and vehicles. In asset-intensive industries, companies tend to invest a large part of their funds in capital assets. A capital asset has the following characteristics:
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It has an expected useful life of more than one year
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Its acquisition cost exceeds a company-designated minimum amount, known as the capitalization limit
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It is not expected to be sold as a normal part of business operations, as would be the case for inventory
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It tends not to be easily convertible into cash
3) You have other/hobby/miscellaneous income. (these are thing s i simply sold at a great loss to get quick cash to pay bills.)
