I forgot to report my income tax in year 2014. IRS sent me a letter today saying I own them $8,xxx. in 2014, I received about $20,xxx on paypal in 2014
My incomes were coming from..
1. I never reached the $20,000 before but in 2014 year I sold many of my used brandname bags, and I never kept any receipts. (I sold my used brandname bags ~ $6000 in 2014 most of them were balenciaga bags that made in year 2007.
2. I sold many coach bags that I purchased from outlet before 2010. (I have been banned from coach since 2010, so I stopped selling and buying but I still have many coach bags left that I was too lazy to get rid of them. Later on, I started to sell them again in 2013 and reached $2x,xxx in 2014) I just sold them to get my invest money back not making a lot of profit from them as mostly of my coach bags were the old model.
Some that I bought online I still keep the emails but some I purchased for the store back in year 2006-- I never kept any receipts. but I still remembered the price that I purchased from the sale price.
I feel really regret that I neglected to check for the tax. Will IRS request me to show them all the receipts?
