Question

Cost of goods

Forum|Forum|3 years ago
January 24, 2023
1 reply
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I purchased trading cards through out the years starting in 2014 and have sold 40 items in 2022 on eBay but did NOT receive a 1099k. I have receipts for everything and was wondering how would i figure in the cost of goods sold? and what method would be best to report this?

TurboTax Live Self-Employed Online

V

Vanessa A

The Cost of Goods Sold would be the amount you paid for the cards when you bought them.

After you walk through the steps to enter your income from selling the cards, you will then be able to enter your expenses.

The method you would use would depend on the cards. If all cards were the same, then you could use the FIFO (First In First Out) method. Example. in 2014 you bought 50 cards and paid $100 for the cards, in 2015 you paid $120 for 40 cards , 2016 you paid $150 for 30 cards.

In 2014 each card you bought cost $2. So the first 50 cards you sell your COGS would be $2 per card. After that 50 is sold, the next 40 cards would be $3 per card and then the final 30 cards would be $5 per card.

If the cards are all different and you know how much you paid for each individual card, then you would simply match the cost you paid for that card to the sale.

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T

TJR2023Author

Yes id like to treat them individually as each cards value range over $100 to the thousands. Im just unsure where to enter this information. I dont see cost of goods in the expense selection either so not sure where to enter that information.