Taxes on eBay personal sales
Hi Terry,
I sold approximately $1200 of personal items on eBay last year. Selling on eBay is not my hobby or business, I sold items I found in the basement that I had owned for 40+ years. I received a 1099-K form from eBay and the tax return instructions say that I must pay tax on the profits. Included in the sales was a rare 45 record that I sold for $600, I probably paid no more than $5 for it in 1979, and an old Nintendo game, I don’t have original receipts. Do I really need to include the details of my sales on my tax return? Please let me know your advice, thank you.
Terry Says
It looks like you’ll be able to avoid taxes based on this report: https://www.keepertax.com/posts/ebay-1099