Hello. Very new to this. Started buying and reselling items on eBay with the intent to profit. For example if I bought $1,000 worth of items and have sold $800, will I not pay taxes on it this year since I haven’t made over $1,000 so technically still in the red? Or is it per item I made a profit on? And is the $1,000 worth of different items something I can deduct and will only pay taxes during a year where I actually sold more than I bought? Also, can I deduct the shipping costs and mileage to mail them? Trying to figure out a way to track all of this but been difficult. Thank you for your time.
