Unfortunately I was unemployed for a chunk of the year and I used that time to clean house and make some money to pay bills. I essentially had a giant yard sale on the internet, old laptop, ipod, clothes, and a ton of bike parts. Because of this, I crossed the 20k threshold for Paypal and was asked for my tax ID number and with be getting a 1099-k and this income is going to be reported to the IRS. Do I need to report it on my tax returns if it was all personal items? Most of the stuff I sold I don't have any receipts for, most of it is over 1 year old and some of the stuff is 5-6 years old.
I know some of you are going to say take it to a Tax preparer, that's the next step, I'm trying to avoid paying 300 dollars first.
I know some of you are going to say take it to a Tax preparer, that's the next step, I'm trying to avoid paying 300 dollars first.