Help!! Audited on my 2021 Taxes over baseball cards!!

[bobbyw8469]

I got audited yesterday over my 2021 taxes for the Ebay sales. Any advice on what to do?

[Leon]

Originally Posted by bobbyw8469

I got audited yesterday over my 2021 taxes for the Ebay sales. Any advice on what to do?

Find your cost basis and subtract it. Then declare the rest as income and pay your taxes.
.

[bobbyw8469]

Originally Posted by Leon

Find your cost basis and subtract it. Then declare the rest as income and pay your taxes.
.

I paid taxes on it back in 2021. I got lucky and still had my receipts from the various auction houses. But Ebay doesn't send invoices for the fees they take out. Trust me Leon....I'm not getting rich. I just love buying and selling cards.

[jimq16415]

Bobby I think you can go to ebay payments and search from 01/01/2001 to 01/01/2022 and it lists each sale. deduction for fees and shipping, then net for each sale. It would be a long project for as much as you sell but it's at least a way to itemize the fees. Fees you can deduct is less taxes for you now. Good Luck!

[Directly]

I think if you look at eBay's monthly reports it shows eBay's Fees and shipping fees + other adjustments-- -

[jimq16415]

Originally Posted by Directly

I think if you look at eBay's monthly reports it shows eBay's Fees and shipping fees + other adjustments-- -

I don't mean to hijack the thread but where do I look to find ebay's monthly reports from 2021? I'm not experienced on ebay and can use the help!

[theshowandme]

Originally Posted by jimq16415

I don't mean to hijack the thread but where do I look to find ebay's monthly reports from 2021? I'm not experienced on ebay and can use the help!

https://www.ebay.com/help/selling/fe...ctions?id=4847

[4815162342]

I believe the highest audited county in the country is in the Mississippi Delta.


Sent from my iPhone using Tapatalk Pro

[bobbyw8469]

Have any of your guys ever been audited for selling stuff on Ebay yet?

[raulus]

Originally Posted by bobbyw8469

Have any of your guys ever been audited for selling stuff on Ebay yet?

I have not. But I've also never gotten a 1099 from eBay.

I did have a bonus side quest with the IRS a couple of years ago, when their scanner failed to register a negative sign on my tax return, and they sent me a notice saying that I owed them $73k. But nothing related to cardboard.

[Gorditadogg]

Originally Posted by raulus

I have not. But I've also never gotten a 1099 from eBay.



I did have a bonus side quest with the IRS a couple of years ago, when their scanner failed to register a negative sign on my tax return, and they sent me a notice saying that I owed them $73k. But nothing related to cardboard.

I have an ebay store. I would guess that I would have gotten a 1099 anyway because of the sales threshold, but I don't know for sure how they do things.

Sent from my SM-S906U using Tapatalk

[GeoPoto]

Good point Val. Thinking in Polish. Oh well.

Sent from my motorola edge 5G UW (2021) using Tapatalk