Due to financial issues I started selling personal and family items. All given to me from family members, I have purchased nothing for resale. Is this considered income? Since we already paid for the items, including taxes at original purchase.
I would really like to know how to handle this. Unlike other retailers they write off the cost of the items.
Is there anything I should know that will be helpful for my taxes?
Thanks
Margo
There's no need to include that income on your tax return. You weren't operating a business and expecting a profit.
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