What if the OP does not have receipts for some of his original purchases? How does he then establish the cost basis, especially if he bought the gear many years ago? Is the IRS likely to accept reasonable, good faith estimates that indicate the original purchase prices were higher than the sale prices?
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!