Hello,
I have sold lots of items on ebay this year and it is all my stuff for much lower than I paid for it.
I'm also selling my record collection on another site that works through PayPal payments. Both of these payment systems have a $600 cap before IRS reporting. I should have moved last year when it was $20K. 🙂
All of it has been for losses compared to original cost but I have no records of that.
How will I handle this for taxes? Is there a way you actually claim garage sale income for example that would be excluded from taxing?
If you are basically selling like a large garage sale that income is not taxed.
Hope it's OK if I jump in here. If I sell items in a Facebook group set up specifically for the items that I am selling which I previously purchased for retail prices and the payment is made through PayPal, will I have to pay taxes on it? The items will be sold for much less than the retail prices that I paid. Thanks!!
Are you a tax professional? I thought this was ask a professional event.
I'm asking what to do on my taxes when I possibly get 1099s for making $25k from ebay and PayPal from selling all of my stuff. Hope the tax man/woman will ignore and just not claim it, and somehow they'll assume it was garage sale sales? Is there a way to claim it was garage sale or the source -like selling all personal items?