How do I prove I didn’t make a profit if I purchased on eBay 15 yrs ago?

[naomilinna]

I used to buy Rayban vintage sunglasses in 2007 and 2008 for fun as a collector off of eBay. Now that I wear prescription sunglasses and can no longer wear them I’d like to sell them all. I plan on selling all 30 of them for around what I paid for them probably around $5000, unfortunately since there’s no way to know the exact dollar amount I paid since eBay doesn’t show your old purchases that far back (15yrs ago) how can I prove I haven’t made a profit to the IRS when I get my 1099 as I’ll likely receive one. 

[silverstatetreasureboxes]

@naomilinna 

Well first off even if you wear prescription lens you can always get some of your favorites to get fitted with your script at your eye doctors. I've done that 3 times already, partial to RBs myself.

     Now on selling, do your comps for sold styles and write it down. Prices on RBs depending again on styles could have dropped from when you bought them so beware. 

     Also, don't get in a big hurry and start listing all of them for a ton of money or the IRS isn't the only place that you will have to worry about.....big red flag for ebay on your account.

[jewelbiz]

I have been wearing RayBan Wayfarers since Jackie Kennedy, First Lady, answered a question about what sunglasses 🕶️ was she wearing.  I ran out immediately and bought my first pair of them putting my own prescription into them.  I’ve been wearing them ever since always putting the current correct prescription into them.   Love them!  

[redlinear]

---

@naomilinna wrote:

I used to buy Rayban vintage sunglasses in 2007 and 2008 for fun as a collector off of eBay. Now that I wear prescription sunglasses and can no longer wear them I’d like to sell them all. I plan on selling all 30 of them for around what I paid for them probably around $5000, unfortunately since there’s no way to know the exact dollar amount I paid since eBay doesn’t show your old purchases that far back (15yrs ago) how can I prove I haven’t made a profit to the IRS when I get my 1099 as I’ll likely receive one. 

---

You don't have to "prove" it....yet.
Odds are, you'll never have to prove that.  
Now, if you're tax filing has other, bigger, questions or issues?  Then you may end up having an issue with the glasses.

[silverstatetreasureboxes]

@jewelbiz 

Those look like mine! Jewel you look chic!

[frankenhobbit]

If you REALLY need to prove it, you can request for data going all the way back from eBay. Don't forget to change the date range (it defaults to a year). Takes about a week. 

Go to Account settings, Personal Info and its right there. Follow the prompts.

[caldreamer]

This is what my CPA said (selling on EBAY is a business even if you think it is a fun hobby).   If you report to IRS that you made "zero profit" you will probably get audited.

My CPA said when selling used items you are supposed to claim "fair market value in today's marketplace".  This can be found on TurboTax.   Just because you paid $5,000 when sunglasses were new (used glasses would have lesser value in today's marketplace).

Otherwise everyone would report "zero profit" when selling used items.

[mtgraves7984]

"... unfortunately since there’s no way to know the exact dollar amount I paid since eBay doesn’t show your old purchases that far back..."

@naomilinna 

Equally unfortunate that you don't have (decades-old) bank/CC statements from when you purchased them, too. Right? 

[nobody*s_perfect]

As noted in another post, you don't have to provide any proof when you file; only if you are audited.. Contrary to one of the other posts, the likelihood of an audit is low.  IRS even has a specific Help page section which explains how to zero out your eBay income when you are selling used items at a loss:  

https://www.irs.gov/newsroom/irs-announces-2023-form-1099-k-reporting-threshold-delay-for-third-part...

[monica-sells]

Also, don't forget that to determine your "cost basis" it is admissible to utilize an estimated price based on reliable data.

I am sure you are wondering why you can buy a catalog from almost any company for almost any era...

it's like "why would anyone buy these?"

now you know.....LOL

https://www.ebay.com/itm/195523874149

[mam98031]

These links will help you.

https://community.ebay.com/t5/Announcements/eBay-and-TaxAct-partner-to-help-you-navigate-new-Form-10...

https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses

https://www.irs.gov/businesses/gig-economy-tax-center

https://pages.ebay.com/seller-center/service-and-payments/2022-changes-to-ebay-and-your-1099-k.html

https://www.irs.gov/pub/taxpros/fs-2022-41.pdf

[dnasilver]

We would get a new CPA. Fair market value in todays market place would apply to inherited items but not items you bought years ago. The odds of getting audited after selling 5K and claiming zero profit is about zilch, otherwise half the people selling on here would be getting audited for selling personal items. 

[lamewing]

I think you’re missing the point and so is your CPA. If you buy an old item for three dollars and sell it for $300 you’re making a profit if you find something that you buy for $50 and you sell it for 300, you’re making a profit. But if you buy something anywhere for $300.15 years ago, and don’t have a receipt, and you sell it for 200 now you’re not making a profit. 

[nobody*s_perfect]

Did you miss the part where the original post said, "I plan on selling all 30 of them for around what I paid for them ...".  Also, did you not notice that they posted their question last February?  Looks like they decided not to sell the Raybans, since they have not left or received any feedback as a seller in over a year.

[kh-cathy]

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.