selling my personal collection - No profit really
Summary: oceanfreak20 seeks advice on how to handle taxes from selling their personal movie collection on eBay. They've sold items worth $5,000 but only managed to make $2,000, creating a perceived loss rather than a profit. femmefan1946 suggests that they might be able to use this loss to offset income and recommends keeping the original purchase receipts. oceanfreak20 is uncertain about how to declare this in their tax returns, questioning whether to report it as a $2,000 income or a $3,000 loss. reallynicestamps advises consulting a tax specialist, rather than relying on general tax services, to properly handle the situation.
sorry if this is a duplicate question.
Long story short - i am selling in ebay just to want to get rid of my personal collection (pre-owned) mainly movies with an exception of very very few new items. Honestly, its like say I buy all those for $5k, i make $2k (as an example) as i feel selling in ebay is little better than local marketplace.
So, my assumption is that for tax filing, they don't care really how much i bought those items (of course most of them are online purchases with invoice/receipts) but i need to pay tax for additional income of $2k. Is that right?
Or, if i can show my invoices, can i show as total loss?
reallynicestamps
·2 years agoIt's not income.
But how you show the loss, I would not venture to advise.
You need a tax accountant. Not eve H&RBlock. A specialist.
femmefan1946
·2 years agoIf you paid $5K for them, you are losing $3K when you sell them for $2K.
It is useful if you have the original receipts of course.
The market for DVDs has shrunk with streaming, the exception being cult movies and those that have not been picked up by streamers.
The money you receive when you sell will be less than you paid when you bought.
My question would be the opposite, can you use the loss on these DVDs to offset your other income?
oceanfreak20
OP2 years agoThat's exactly what I am asking here.
In this case, what should i tell when i file my tax returns? Will $2k sit as additional income or can I show as $3k loss and where/how?