My sister passed away in March of 2024. She was a long time seller on Ebay. As a favor to her son I took all her inventory left in the house, opened a new Ebay account in my name and sold all her inventory starting in March 2024. So as of January 1st 2024, I had zero dollars for inventory value. I sold all of her inventory in 2024. My question is since her son gave me all of her inventory free of charge to help clean out the house, what do I use for cost of good sold? Would it be zero since I didn't pay for any of it, my sister did.
I have sold a few personal items of my own on Ebay in 2024 and I have the cost of goods for those.
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If the items were given to you as a gift, then your cost basis is the same as your sister's cost basis. If you inherited it, your cost basis is the value on the date of your sister's death.
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