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Self employed
Right, unless I made a capital gain on the sale. That's what I am trying to figure out.
For example: Say I bought something for $100 new. I sell it a couple years later and it has actually appreciated in value. I sell it for $110. After eBay deducts their fees and subtracts the cost of the shipping label, I receive $85. I paid $100 and sold it for $110 so that appears to be a capital gain of $10. However, if I compare the $100 that I paid for it to the amount I actually receive in my bank account after fees/shipping ($85 in this scenario) I actually have a capital loss of $25.
Just trying to clarify which numbers I use to determine whether I made a gain or loss. That link you sent is very helpful and I will save that as a favorite for tax time - I appreciate your answer!