Hey there, was hoping someone could give me some clarification about the proper way to handle my situation. Started selling last year on Ebay, sold 15 items total just over 5k, and received a 1099k. These were all personal items I purchased years and years ago and were sold mostly at a loss. The 5 items that I did profit…
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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