Last year I sold a few items on eBay. I sold the items for about $50 plus shipping, eBay charges fees to see on their site so my profit was less than $50. I don't have the receipts for the shipping costs but I do have documents for the sale prices and the eBay fees. When I originally bought the items I sold I payed more for them than what I resold them for though I didn't keep the receipts for these either. I know when you have yard sales there is a certain amount you can meet before you have to claim it on your taxes but I don't know what that is. In any case does this sound like I have to claim this when I file my taxes?
There is no minmum on the amount of income that is reportable in this context. But the taxable amount is only the profit, i.e., the excess of the selling price over your adjusted basis and costs of sale. Basis must be reduced by the amount of depreciation--on personal property, depreciation would be zero, so your basis is likely your cost. Unless they are antiques, it is rare that one can sell used property for more than one paid for it. So it is likely that you have no reportable profit on these sales.
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(Bryant) Keith Martin
In your case there is a 2 part test. If you meet either test you have to file and report all income and losses.
1. If you were you self-employed with earnings of more than $400.00 you have to file an income tax return.
2. You must file if your gross income is at least …**
Single under 65 $9,350
65 or older $10,750
Married Filing Jointly*** under 65 (both spouses) $18,700
65 or older (one spouse) $19,800
65 or older (both spouses) $20,900
Married Filing Separately any age $3,650
Head of Household under 65 $12,000
65 or older $13,400
Qualifying Widow(er) with Dependent Child under 65 $15,050
65 or older $16,150
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Robert J. Suhajda, MS,CPA
17721 Norwalk Blvd. #43
Artesia, CA 90701
Former financial auditor and controller. Admitted to US Tax Court, Income Tax, IRS representation, Fiduciary income tax returns, Estate and Gift tax returns,
Homeowner Association Strategist.