How to List Cost of Goods Purchased Previously | Selling

wallaceupdike · 2023-04-10T03:43:18.533000Z

Hi,This past year, I started to sell many items from my personal hobby collections. Many of them sold for much more than I originally paid and I have profit to report. Because I am doing this as a side job and planning to continue to do so for the next couple of years, I am reporting the income as business income. My question is how do I report the "cost of goods sold"? I know the price that I paid for all the items I sold in 2022, but nearly all of them were purchased prior to 2022. I am not reporting a beginning or ending inventory. The only option that I'm seeing that might fit is the "cost of purchases" box on many of the online tax software programs. But I've read that this box is for purchases made during the 2022 tax year. In addition to my cost of goods, I am also deducting shipping, all eBay fees, and shipping supplies from the total reported on my 1099-K. Thanks for any help you can provide!

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