Hi. I buy and sell sportscards on Ebay as a hobby. I have received notice that I will receive a 1099 this year for the cards I have sold. Can I deduct the value of the cards I have purchased in 2024?
How can I sell personal used items on eBay at a loss or for less than what I paid for without being liable for self-employment tax or income tax in Memphis, TN, USA, considering it as hobby income?
I am selling off a bunch of collectibles I inherited 50 years ago. I have no idea or records of what my parents paid for the items 50-60 years ago. How do I report my taxable gains to the IRS when I file my 2024 tax return? If I keep the total Ebay sales under $5,000 do I even need to worry about it?
The 1099-K was a new form that came out a number of years ago. It seems like the IRS has changed the requirements to send one out multiple times. What is happening with it for 2023?
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