Question

Selling Previously Purchased Items on eBay/Mercari/Etc.

Forum|Forum|3 years ago
August 31, 2022
1 reply
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Hello - I currently sell previously purchased items on multiple platforms (eBay, Mercari, etc.). I don't go out and purchase these items with the purpose to sell however. These are old clothes that my kids have outgrown, or items that I just no longer need anymore. For example, I will sell a shirt that I purchased years ago for $10, for $2 plus shipping. I believe eBay will now be sending 1099's to everyone, regardless if you "profit." How would I show this on my taxes, that while I did sell on eBay, I did not make a profit.

Thank you so much!

M

MartinR59Author

Also, if I previously paid tax on each item, do I need to pay taxes on it again when I sell, for less than what I paid for? Should I track each individual item on a spreadsheet with the purchase cost and resell cost?