FreeEnergy
21st August 2013, 08:19 PM
Want to see if someone suggests an approach to this.
..Let's put it this way. Someone I know very well (not me) just told me she's been buying and selling gold on eBay, since it is so low now. She basically sold off her old jewelry and bought a new, better looking ones (this is multiple items, earrings, bracelets, chains etc).
She's done about $5000 worth of trading now, this is ebay.
Obviously she has no original receipts , as it is personal jewelry which some of it was purchased with cash, some presents, some she got on ebay but a while back.
What happens now? eBay would report over $600 to IRS? is she looking at tax on selling personal jewelry?
Advice needed.
..Let's put it this way. Someone I know very well (not me) just told me she's been buying and selling gold on eBay, since it is so low now. She basically sold off her old jewelry and bought a new, better looking ones (this is multiple items, earrings, bracelets, chains etc).
She's done about $5000 worth of trading now, this is ebay.
Obviously she has no original receipts , as it is personal jewelry which some of it was purchased with cash, some presents, some she got on ebay but a while back.
What happens now? eBay would report over $600 to IRS? is she looking at tax on selling personal jewelry?
Advice needed.