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  • #1

    Taxes & Ebay -- taxguykarl??

    Weird question.

    I know most people probably don't worry about this (nor do they worry about it with garage sales either), but I don't want to run afoul of the IRS...

    I have some stuff in my garage that I could probably sell on eBay (Dale Earnhardt wall clock, anyone? Nolan Ryan poster or Nolan Ryan Corn Flakes box?)

    Anyhow, based on cursory reading it sounds like I would need to report my "profit" from selling the items. For instance, a quick Google search shows me that the Nolan Ryan Corn Flakes box is selling for between $10 and $50. I doubt mine would sell for that much, since it's smashed, but that's just an example.

    The Dale Earnhardt clock is going for between $11 and $45.

    I have some other stuff I could probably sell. I'm not really looking to make a profit. Just want to get rid of the stuff. The money would be a side benefit.

    I've also got a hockey jersey I could get rid of.

    So what are the tax implications of selling this stuff on eBay?

    There's also a lot of clothes I could either just donate or toss. I really need a good garage cleaning.
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  • #2
    Drop karl a PM and link him here.

    AFAIK -- You're supposed to pay taxes on any and all ebay profit (their site probably has a FAQ about it), in addition to the buyer paying sales tax on it. I'm sure karl would know more.
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    • #3
      Technically the sale of collectibles is a capital gain. If you inherited the item or owned it for more than a year, that is a long term capital or loss. If you owned it for less than a year, that would be a short term gain or loss.

      The sale is reported on Form 8949 (Instructions).

      The total losses and gains are reported on Schedule D (instructions).

      If you opt to donate, here is a donation value guide published by the Salvation Army. Just make sure that you keep the donations less than $5000/organization/day; otherwise you will absolutely need an appraisal and will not be allowed to file electronically.

      Report those contributions on Form 8283(instructions).


      PM me your email and I'll send a spreadsheet to track those donations--it was inspired by one of my savvy regulars.
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