Next year I will be one of the many people getting a Form 1099-K for casual sales on eBay over $600.
How do I report the 1099-K on my 2022 tax return and how do I deduct the original cost of the items I sold? (Yes, I'm asking early for next year.)
All the advice I see on the Internet is for people who receive a
If you don't make a profit - that is, if the items you sell on eBay are things you are selling for less than your original purchase price - just don't report the amount on your return. The 1099-K is not a report of income - it is just a report of money flowing through the company (in this case, eBay) to you. The IRS knows that doesn't necessarily constitute income, so I doubt they will give you any grief over this is your sales are in the $600 to a few thousand dollar range. If they are much higher than this - say in the tens of thousands - I would say just keep good records of what you sold and the approximate amount you paid for each item and approximately when you bought it, and that will most likely be enough to satisfy the IRS.
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