I recently got into collecting shoes as a hobby, and as a result I am frequently buying and selling shoes. I will be receiving a few 1099s this year and wanted to know what I am liable to pay tax on. For example, if I receive 1099s totaling $10,000, but I only made a $1,000 profit not including any losses, am I liable to pay tax on the total amount of the 1099 or only on the money I actually made as a profit? Thanks.
