eBay reports your sales to the I.R.S.

[Sapper740]

As posted earlier I'm divesting myself of decades of collecting militaria and recently started listing items for sale on eBay. My sales blew past $600 rather quickly and I received a message from eBay that they needed either my SS number or my ITIN number since the IRS made it mandatory for them to report any sales exceeding that amount so they can issue a 1099 K. The 1099 K will be considered self employed business income and you are expected to pay tax on any items sold at a profit. The problem is, if you didn't get or keep a receipt from something you picked up at a garage sale for instance, how do you prove which percentage of your gross sales is profit? Further, some items will be sold at a loss like the used Okinawa boots that I just sold. If I had known this I would have looked elsewhere to sell my collection.

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