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How to establish profit on items that are taxable
I am a hobby seller. I've been collecting antiques and collectibles for over 50 years. When I sell an item on eBay, I can't remember what I paid for an item that I may have purchased years ago. How do I list my cost of an item to pay the tax I owe? I sold quite a number of items from Oct 2021to April 2022, but the new tax code was not up and running yet. Oct 2022 to May 2023 I hardly sold anything, because of the new tax requirement, I was reluctant to list many items. Please let me know what I can do to list my cost of items purchased a long time ago, as I would like to start listing items again.
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