I have sold lots of items on ebay this year and it is all my stuff for much lower than I paid for it.
I'm also selling my record collection on another site that works through PayPal payments. Both of these payment systems have a $600 cap before IRS reporting. I should have moved last year when it was $20K. 🙂
All of it has been for losses compared to original cost but I have no records of that.
How will I handle this for taxes? Is there a way you actually claim garage sale income for example that would be excluded from taxing?
Please don't just tell me its okay. I need specifics of how to deal with getting 1099s for 25k of sales and where and how to deal with on tax forms.
Thanks!
