I am curious about this too. I do the same thing with music instruments, I buy them and usually sell the ones I don't use so I can fund the purchase of others. Pretty much every one I sold was less than what I paid, I'm wanting to know what will I need to do to document all these sales and calculate tax owed.
Eg: will I total all the sales together and calculate a profit or loss for the 1099-K form? If I'm at a loss, will this offset my total income and lower my overall tax owed? I have also sold odd items from around my house, will I also add these into the same form?
