When determining "profit", is the sales amount in nominal dollars or inflation adjusted dollars? If you buy something for $1000 then sell it after inflation is declared at 10% for $1050, have you made a "profit"? The dollars you were paid are actually worth $945 (adjusted for inflation) compared to the pre inflation $1000.
DId you get that paperwork from the IRS about purchasing? over $600.00
So a friend of mine told me that if you purchase anything with pay pal and it is over $600.00 you will get a form from IRS and you will have to cut them a check.is this true? and does that mean I can't purchase from Ebay or any other audio site? say it ain't so.