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Questions on cost, income and taxes
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Brand new to eBay

I’m just starting out in eBay selling. Mostly because I’ve accumulated so much stuff over the years I need to clean house, shop, and storage. I’m curious when selling on eBay becomes considered a business? What has to be done differently and how do you deduct cost of an item for taxes that you bought 5 years ago and have no receipt? I’m on disability and I’m only allowed to earn so much a month. I don’t anticipate the sales getting anywhere near that but I’m still required to report any income and I’m not sure how to deal with the taxes, income, costs etc. Thanks for any insight.

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3 weeks ago