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How do I determine COGS on old items for reporting to IRS/taxes
Hello,
I started selling items in 2025 and all of my items were stuff I've had for 5, 10, 20+ years. I know I need to report my income/payout totals to the IRS, but how do I determine the COGS on items that old without a receipt. I'm sure in reality I've sold stuff at a loss from when they were originally purchased, but I'm not looking to get audited. For example, I sold an Xbox 360 for $60.00 and bought it in 2008 for $399.99. Can I list the COGS as $399.99 even if I don't have a receipt from 16 years ago? Likewise I've sold a box of 38 xbox 360 games for $100, but those games were worth $60 a piece when I purchased them between 2008-2014, so could I list the cogs $2280? Any help would be appreciated.
