Just broke 20K in sales, some questions about gains/loses

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I just broke 20K in sales so i assume I will get a 1099K. Sorry if these are dumb questions.

Gaming is my life long hobby so 95% of my ebay sales are games (new and used) as I have a giant collections from the 80's onward.

1. About 7K is actual profit (13K is expenses. I buy a ton of games that go into a backlog to be played later). So 7k will be considered capital gains?

2. If they are considered gains, can I sell items for losses to cancel the gains like stocks ?

Example

I have 3 copies of game X that I bought for $20 each.

I sell 2 copies for $40 (lets say $20 profit (forget fees/taxes for simplicity) $40 total profit

The game price tanks and I sell the 3rd copy in the same year for $5 ($15 loss), can I use that $15 as a loss?

Thanks

sir_vidiot

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Posted 5 years ago · Edited 5 years ago·Last reply 1 year ago

2 comments

kh-shakhib

·1 year ago

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Hi everyone,

Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread if you wish to continue to discuss this topic.

Thank you for understanding.

articulatedgeared01

·1 year ago

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Fri 2-14-2025 9:06 p.m.

Please read what I wrote about "capital gains" and capital losses."

There are instruction booklets from the IRS as well as "separate" forms for capital gains and capital losses.

Regards,

ag01