Do I need to report income from eBay for a garage item I sold for $1001 in NJ? eBay never issued 1099 and the total payout was $866 after eBay fess

[sg424]

I reached out to eBay about 1099, they told me they are not in obligation to issue 1099 even though  the 1099 threshold in NJ is $1000, but eBay might have reported this income to the state

[ErnieS0]

Yes,. The IRS requires you to report all taxable income and selling an item at a profit creates taxable income.

If you sold something, there probably was a cost to you so the taxable amount would be the sale price - eBay fess - your cost = profit/loss. If you sold at a loss you probably would not be able to deduct the loss. Losses on the sale of personal items are not deductible.

What is Taxable and Nontaxable Income?

[fanfare]

Anything ebay reported to state or IRS they would report to you also.

So there is no record of your transaction.

Get it ?

[jseller]

Typical garage sale items are sold for less than the amount you paid orginally...so don't add it to your taxable income,unless you are buying and selling as a business and making a profit.  If you're worried about it, keep a leger of the sale and what if was worth when you obtained it.