Yes, if you have receipts for purchase of items and same items were sold st a loss then you can declare the loss. If many was made then must pay tax on profit. I was provided a 1099 by Paypal. Took a loss. To me this is a hobby. I am not in it for profit. Would not have filed loss if I had not received the 1099. Not so sure I want to deal with Paypal any more.
THE IRS HAS TAKEN MY TRANSACTIONS VIA PAYPAL AND IDENTIFIED THEM AS TAXABLE INCOME
I had multiple transactions here and at US Audio Mart in 2019 and yesterday received a letter from the IRS stating the transactions were "Taxable Income" anyone else ever experience that with Paypal and now what?
Fighting the IRS is not something I look forward to!
Fighting the IRS is not something I look forward to!