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Net54baseball.com Forums - View Single Post - Ebay tax reporting drops from $20,000 to $600
Thread: Ebay tax reporting drops from $20,000 to $600
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  #10  
Old 01-27-2022, 07:20 PM
BobC BobC is offline
Bob C.
 
Join Date: Apr 2009
Location: Ohio
Posts: 3,279
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Quote:
Originally Posted by Tabe View Post
Can you count as expenses the actual cost of an item? Say you buy a jersey for $60 and sell it for $75 ($67 after Ebay fees) - do you count $7 in income or $67 or $75?

It doesn't matter if you file as a dealer, investor, or collector, you are always able to deduct the actual tax basis cost of an item, plus the direct costs/fees in acquiring it, in determining the net taxable profit or gain from its sale.
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