Tax questions for experienced sellers

[42carryall]

Just started selling

Questions about what to write off as expenses and how to keep track of them. I have a mileage log.  Ink paper envelope internet costs...

If I buy a used book from a garage sale last year and sell it for 5$ more than I paid the sale.   That seems fairly simple but no actual receipt.

Bought 7 books at an estate sale and have at receipt for 24$ but it doesn't list specific items.  I keep[ a log is that good enough for the irs?

I bought a book for myself 10 years ago new for 24.99. No receipt available. Sell it on ebay for 4.  Can I claim a loss without a receipt?

Got a book as a christmas present years ago.  Sell it on ebay for 40$.  Do I have to use 0$ as my cost?  Since I read it is it used and I have stored it since then does that change the initial cost?

This is getting more complicated every day and I am not sure it is worth it.

[chapeau-noir]

Small business and self-employed tax center

Basic tax questions and related articles

The last is an overview from Turbotax, which I've used for years for both home and business taxes. 

[m60driver]

I too purchase mostly at garage sales where there are no receipts.  I can only hope that the IRS will trust my $1 and $2 costs for most of my items. But yes, I am keeping spreadsheets using Google "sheets" to track costs, sell price, postage, and fees on each sale.  I also have a sheet for expenses such as store fees, packaging, mileage, etc.  I can't use the Ebay generated sales reports as they inexplicably conflate some expenses such as shipping into the same column as net sales.

As for the lot of books, I would just use a cost average to establish cost as I would for any similar bulk or lot purchase.  So each book would be about $3.50 each.  And as for the Christmas present, I would declare the original retail as my cost basis and take advantage of the small loss.  Remember, unless you have something for more interesting to the IRS they are not likely to delve into the details too far for these small amounts.

[jayjaspersgarage]

"Just started selling"

Really?  You have 249 sales since late September and 266 active listings.  Impressive for just starting out.

Nice sales and listings btw.  

[42carryall]

More sales this year than ever and trying to do my own bookkeeping and taxes for the first time. Had accountant do the taxes up to now. Always just gave her rough totals and estimated things. I probably claimed more income than I needed to in past years due to lmited reciepts.  Been looking at irs info and it doesn't  fit all situations. Hoping for ebay specific info

[downunder-61]

I have not read this because it is not relevant to me as a seller, but have a look and see what eBay is advising re the 1099k

https://community.ebay.com/t5/Announcements/New-1099-K-tax-reporting-requirements/ba-p/32556521

[mr_lincoln]

@42carryall   Go to irs.gov and download the Schedule C plus the Instructions.  There are numerous deductions available to you when reporting income from internet sales ... including some spacial allowance in your home for areas used to conduct the business. 

Mr. L