Basically, many of my items are pieces of clothing I purchased several years ago with no intention to keep as "inventory" to resell. I don't tally up the value of my entire closet every year. If I get bored of a piece of clothing in my closet, or if it no longer fits, I sell it. But I don't know or fully understand what the "value of my inventory" was at the start and end of 2020 because this is a hobby of mine. I have receipts that detail the original cost of most of the items sold online through 2020. Sometimes I keep them, other times I sell them. I also work in an industry where I receive many clothing items as gifts. I buy clothing that I like and I eventually sell certain items several years later if I don't like to wear it anymore. However, I'm having trouble valuing my inventory because I don't buy clothing with the intention to resell it. I believe I'm filling out a Schedule C form via TurboTax. However, I make enough that it definitely should be reported. I don't make enough money or transactions to be issued a 1099K by Paypal. I buy and sell used clothing through Paypal using websites like Ebay and Grailed.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |