How are taxes handled for my selling personal items on ebay?
I am selling sports cards on ebay that I have pulled from opening sealed boxes of cards over the years. I am NOT buying and reselling. I am just trying to make some money by getting rid of cards I no longer want. From what I have read online, it looks like I am going to have to pay income taxes on all of the gross sales money that I receive and I can't make any dedections as a personal (non-business) tax filer. Is this correct? This doesn't make any sense to me because I spent a ton of money to obtain these cards over the years so the amount I sell them on ebay for is definitely not all profit if it is at all. This just doesn't make any sense to me that I have to pay income tax on something that I had to buy my self/already own and really am making a very small profit on if any at all. Is there anything I can do to avoid paying these taxes or reduce the tax I will owe? Please provide any other advice so I can save/keep as much money as possible, which I believe is rightfully mine anyway and not the government's!
