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https://www.1040.com/blog/2019/7/12/selling-stuff-online-taxes-for-etsy-ebay-letgo-and-more/
My summary:
For someone getting rid of stuff, anything you sell for more than it cost should be reported on Schedule D, and it will be taxed at the capital gains rate.
If you do this as a business - buy stuff, restore it or whatever, and sell it for a profit, then it is a business issue reported on Schedule C.
It's not too helpful about the issue of proving you didn't make a profit or how much profit
Anyway, I thought a link to something would be more helpful than linkless assertions that might be no more than wishful thinking.
My summary:
For someone getting rid of stuff, anything you sell for more than it cost should be reported on Schedule D, and it will be taxed at the capital gains rate.
If you do this as a business - buy stuff, restore it or whatever, and sell it for a profit, then it is a business issue reported on Schedule C.
It's not too helpful about the issue of proving you didn't make a profit or how much profit
Just keep saving your receipts, and if you don’t have them, collect proof of payment any other ways you can manage (bank statements, cost of items in prior years listed online, etc.).
Anyway, I thought a link to something would be more helpful than linkless assertions that might be no more than wishful thinking.
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