Need Help with income made on eBay + inheritence
I inherited a large video game collection from a non-blood related person earlier this year. There were no documents, I was just given the items by her surviving wife. I also have been unemployed for about half of this year. I have since taken that time to sell the items on eBay. I am unsure how best to go about taxes on this since my situation is a bit unique. Am I considered self-employed because I have spent the last 3 months listing and selling all of these items on eBay? I plan to return to work after the first of the year. So far, I have made about 26,000$ (before all fees on eBay are deducted as well as shipping fees) How do I determine what I need to save for taxes? Is it all capital gains since I was given most of the items I have sold, or do I need to evaluate how much each item was worth at the time I got it in February vs. how much I sold it for in say, September? Can I deduct all of the packing materials I have had to pay for, as well as shipping that I covered? What about shipping the buyer paid for but is included in my final value on eBay? Can I deduct the computer & printer I use for doing all of this? Can I deduct a wage for my time doing this? Any info you can provide me with on what all I should have by the time I go to file my taxes would be much appreciated!!
