Sold items that I bought, paid tax on, sold for profit (or loss) and filing taxes | Selling

doublepromo · 2023-02-08T12:32:09.972000Z

Thanks for receiving this question, I hope someone can provide clarity. In 2022 one of the items I sold on eBay, it sold for $535.55. The fees were $46.65 so the net was $488.90.I paid $250 for the item. Tax was $22.29 for a total of $272.19. I can printout the actual receiptThe difference between the net on eBay and total I actually paid for the item is $216.71Yet the 1099K in section 5 shows $535.55 Does anyone know the protocol when filing taxes? Am I responsible for paying tax on $535.55 (and other items I sold) even though the net for this particular item was $488.90? Many thanks for any and all help. If this helps, I sold five items on eBay in 2022. I can actually provide a receipt for each item that I purchased but does it make a difference when the item was purchased? For instance the item that sold for $535 I bought in 2018 but it was brand new never used and even described that way when selling it.

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Sold items that I bought, paid tax on, sold for profit (or loss) and filing taxes | Selling | eBay Community