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got my PayPal 1099 /// what now?

I assume I owe income tax on any profit I made selling an item, which is probably a loss on most things. Which means I have to show what I paid for the item.

Anybody have any idea on how to go about this. Some things I sold in 2024 I bought over 20 years ago so no way I have proof of purchase. Example.. I sold my 20+ year old Avantgarde Duos for $7K that I paid $10K for.

PLEASE don’t turn this into a PayPal bashing fest or start preaching about the IRS or tell me how stupid I was to use PayPal.

 I am only interested in ideas on dealing with the tax implications

 

thanks

herman

Showing 1 response by overthemoon

overthemoon
476 posts
 

I sold some items on eBay this year and received the 1099K. I have the receipts and shared both with my tax person. 
 

I expect the IRS was concerned about losing revenue and refined reporting requirements for cash applications and resale sites to create more visibility. 
 

 

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