posted on January 21, 2002 09:55:16 PM new
Hello All -
I am a part time seller on ebay. What if I am selling both my personal things (mostly at a loss) and things I buy exclusively to sell on ebay for a profit motive? Can I mix them both together as "sales" as far as the IRS is concerned?
I have sold some computer items which I paid mucho $$ for a few years ago that I no longer need and are now worthless. Can I use these "losses" to offset my profits? For example, I bought a computer a few years ago for over $1000 that's worth less than $100 today. Would be nice to sell it to offset some of the money I'm making.
posted on January 21, 2002 11:01:49 PM new
Can I use these "losses" to offset my profits? For example, I bought a computer a few years ago for over $1000 that's worth less than $100 today.
***************88
Sadly, no. However, if you were to sell it for more than you paid, the IRS would be happy to take your gain and tax it.
For bookwork, you prob want to keep your "garage sale" type items apart from items bought and sold for gain (which is a business). The stock (stuff you purposely bought for resale) that you actually bought for eBay (assuming you fill out a schedule c)will give you a loss if it sells for less than you bought it for.
posted on January 21, 2002 11:09:43 PM new
I was afraid of that; yet it seems so unfair to the small time seller. I assume earnings from "garage sales" are taxable according to the IRS. Yet for the most part, garage sales items sell for less than the seller paid for them, so it seemed to me any losses there could offset any profits. Guess I have to do my homework about all this.
posted on January 22, 2002 12:14:50 AM new
I assume earnings from "garage sales" are taxable according to the IRS.
*************
Your earnings from selling your old items at a garage sale are seldom taxable, because your cost basis is generally higher than what you are selling at, so you really aren't making any money. It would be nice if we all actually had our receipts to prove that, of course LOL.
