Selling in 2022

[mr4wrestle]

Are there any tax experts on here? I imagine there are a lot of part time sellers on eBay like me who have a ton of stuff around the house and in the garage that they’ve had for 10, 20, 30 years or more that they list on eBay to sell. So in 2022, if I go full out and say gross $15,000 on eBay, but I’m just about breaking even on this stuff, how do I rectify that with the IRS? Am I supposed to have receipts that show that I bought something for $20 in 1998 and I sold it for $20 in 2022 ?  If anyone is on here that has income tax knowledge please feel free to comment. Thank you

[dq3141]

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@Anonymous wrote:

Before (if you were not a business) then the limit was $20,000 profit before you were taxed. Big difference isn't it. Of course many on here will say what I just told you is wrong, but it is not.

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LOL.

[norwegian_kt]

Hi this-old-attic, how do we look up sales information for other sellers? I'm pretty familiar with the ebay dashboards but haven't found that. thanks! (I'm assuming you weren't the buyer.. 🙂  )

[soh.maryl]

Seems like a forward-thinking seller to me.  Perhaps he's read about the fact that the taxable level has been moved from 20K to $600.

And let me add my vote:  Consult a professional.  Most of the time, he can save you an amount at least equal to his fee, and often more.  

[mr4wrestle]

I don’t see my reply to you so I will post it again. Yes like the wrestling programs that I bought in bulk several years ago for $10 each and now I’m trying to sell them for $12.50 each so minus the eBay fees maybe I’ll break even . So  my 103 programs cost me $1030. I guess you weren’t keeping track of that.  I thought people were on this forum to help ..... like virtually every other person that answered my question. 

[mr4wrestle]

Thank you 

[mr4wrestle]

Thank you.

[racelabperformance]

Welcome to Bidens plan.  Yes, you will get screwed in the worst way possible on taxes.  Its best to sell locally, or give it away in many cases.  The taxes are extreme now,  and its going to be a mess.  Anything over $600 and you are getting looked at.  Whatever you do, do it correctly, they just assembled an army of auditors so they can audit far more than years past.  Its honestly not worth the headache for $15,000. ...as insane as that sounds. 

[aldoli92]

I would to consulting a tax professional rather than relying on a advice from a discussion board.

[Anonymous]

OK,  I  have  an  MBA  in FInance  an  Accounting.  I  am in  the  same  boat.   I  retired  and  am  selling  clothes etc  that  I don't  wear  anymore  or  never  wore.   First  of  all,   keep  track  of  each  sale.  If you know  the original value  or  can find it  online,   include  that.    I   plan to  document  what  I  can  and  not worry about the rest.   If  I  am  audited  which I  doubt,    I  strongly  believe that  there will not be a problem.    The IRS is going

after  resellers  that  sell  for profit,   not  "garage sale" sellers.     Relax.