I disagree with jdane about the hobby part.
If you have the receipt showing you paid $1000 for something and the receipt showing you sold the same thing for $500, that’s a $500 loss to be applied against other income.
I’m not a tax lawyer but it does look that way to me.
If you have the receipt showing you paid $1000 for something and the receipt showing you sold the same thing for $500, that’s a $500 loss to be applied against other income.
I’m not a tax lawyer but it does look that way to me.