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Selling used merchandise on e-bay?
I sell only personal items which I bought awhile ago and used, or gifts I received, all used stuff.
Of course I don't have any receipt for these things. How will the IRS tax my income for selling all that stuff on e-bay?
Are they are to tax me base on the selling price or how does it work?
1 Answer
- PossumLv 79 years ago
As long as you didn't sell tons of stuff, the IRS will not tax you on it. But if you want to pay the taxes, it would be based on the money you made. There is no cost basis for used items. If you sold something for $100, the $100 would be considered income.
