If it is higher in value than when it was purchased whether it was a gift or not if you sold it, it is now a profit that needs to be reported. I have my childhood toys & my 8th grade Nike sneakers "gifted" to me from my parents. If I sell those & make money off of them now, I have to report it as income & I am a "business". It's quite clear on the IRS website. People are selling their 1990's t-shirts that cost about $20 back then to buy for $250-$1,000K right now on eBay etc., and all of that is considered income. Only if you sell it at a loss can you "get away" with not paying taxes on it. If you paid $10.00 for a doll & sold it for $7.00 then you'd be set. If the doll was $10 in 1975 and now it's selling for $45 you just made a $35 profit. This is why so many people are selling thrifted items & used items online it is a fairly easy way to have a lucrative "side hustle" or full-fledged business.
