As a collector, I often buy items and use PayPal to pay for them. I also often sell items to make room for other items, and am paid through PayPal. Such items usually hold their value, and the buy and sell prices are usually about the same. I never buy or sell to make a profit, but do hope/expect to simply recover my investment to recover money to buy another item of greater interest to me.
If I buy an item for $100 and later sell it fro $110, am I expect to declare the $10 profit? And conversely, if I sell it for $90 am I allows to report the loss?
I may have hundreds of dollars flowing in and out of PayPal annually, but there is no net profit/loss to declare across multiple transactions.
And if these transactions now require me to keep accurate track of purchase and sell prices and dates, then what other transaction method is available to me that will prevent the generation of a 1099K and still allow be to manage a collection in this manner?
