Reporting eBay total on personal income taxes for 2022?
Summary: coseve_38 is seeking advice on whether they should declare the income from selling old Pokémon cards on their personal income taxes. They sold 50 cards for a total of $1,115 but are not sure if this needs to be reported as they are not a registered business and the items were originally gifts or old purchases. femmefan1946 advises that they should declare the income but can also deduct costs such as packaging, shipping, and original costs, although calculating the latter may be difficult. recped provides links to the Canada Revenue Agency's guidelines on capital gains and personal use property, suggesting that reporting is recommended but voluntary, as eBay does not issue tax slips to Revenue Canada.
So this past year I decided to start selling my old pokemon cards that I'd had lying around since I was a kid. Sold about 50 cards for around $1115 total after fees and shipping label purchases. No individual item sold for more than $500.
Hard to get a clear answer anywhere but is this something I need to declare on my personal income taxes? I'm not a registered business, just selling whatever's lying around the house that I had gifted to me as a kid, or had bought ages ago.
Any help would be great!
recped
·3 years agoHere is some information from the CRA
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/completing-schedule-3/personal-use-property.html
The page above is intended for high value ($1000+) items.
The following page is more in line with what you are selling.
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/completing-schedule-3/listed-personal-property.html
You should probably report your sales, but the bottom line should not be that much and the associated income tax due fairly small depending of how you come up with a "cost value".
Just an FYI - eBay does not report your sales to Revenue Canada, they do not issue Tax Slips so declaring is voluntary........I'm not suggesting how you should proceed 😉
femmefan1946
·3 years agoYes, but you also have deductions, the costs of packaging and shipping & eBay fees being the most obvious.
TYou can also deduct the original cost of the cards, but that can be hard to decide.
Perhaps some of the cards are in original packages with shop prices and you can extrapolate?