You don't get a write-off of the $70 you spent on the item, you get resale value. You are also not understanding how taxable income works. No different than selling your used clothing. You source those items specifically to sell. You ARE a business when it comes to selling on ebay. Do you make $38 a week? That's 2 grand a year and should have been reported. The difference is now it's ENFORCED, too many tax cheats you know. Previously YOU had to report it: And too many weren't reporting, hence now the venues must report. I'm just depressed over this whole ALWAYS been $600. By the end of December I will be pulling all my items off ebay and stop selling here. Sure, there is the risk of getting scammed, but there is a risk of getting scammed here too that doesn't always work out in the seller's favor either. I can join a reddit group or facebook group, or any other social media venue and sell my stuff there without the fees and taxes. Shipping fees are ridiculous, ebay fees are ridiculous, and the new tax structure imposed by the Democrats that will turn someone like me into a business in 2021 is absurd. I feel like I am giving my things away, and had I donated them I could have taken a bigger tax write off than what I actually made here.
But getting all of $20 bucks for something that cost me $70 is a beating too much to take. Now all of the items I sold cost much more than that to begin with. One item alone cost me almost $70 but since I tried it and didn't like it and considered it used, I still sold it at a loss. Between ebay fees and shipping I made all of $38.
One was for 45.95, the other for 18.95, and one for 7.95. I rarely make a profit, and sometimes take a loss, but most times I break even and am happy with that. I'm a little seller and I don't sell a lot, mostly what I purchase, try, and don't like, resell.
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