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Posted By: dstudeba

The answer is most definitely yes. I don't have the Schedule name off the top of my head, but it is ordinary income and therefore taxed at your ordinary income tax rate (ie higher than your capital gains tax rate)

Also the losses you had in the past are deductable against the current gains. Unfortunately you never reported the losses so I am relatively sure that you would have to go back and restate those years in which the losses occured in order to deduct them now.

I agree with the previous poster who said that he doubts most people declare the income. On eBay it probably won't pose too much of a problem, but it would be prudent to report those sales made through large auction houses.

I am not a tax advisor but I did sleep at a Holiday Inn Express last night.