Not only that. Keep in mind that ebay now issues a 1099K any time your total sales goes over $600. I found that out the hard way when I sold a piece of equipment for my company on my private account. I am now jumping through hoops to make sure I don't owe taxes on it. They are going to want to know how much you "bought" something for as well, the IRS that is.
I would be glad to sell it here, but I have no idea what to ask for things. I've never done a lot of buying and selling. I figured, perhaps wrongly, that ebay was the best place to see what the market will bear. Any thoughts on that point?
Hudsy, I haven't bought or sold a Hornet one in a long time so no idea what their current value would be. There is a Wasp one that recently sold on ebay for $220 shipped, for what that is worth. And I did sell a complete Jet one (intake and exhaust) with cleaners about 5 years ago for $200. Pick a number you're happy with or ask for offers? Ebay is always an alternative if everything else seems low.
Dan, I sell some things on ebay and got a 1099k last year. On a separate space on my return, I put the same dollar amount as a cost of items sold reference to zero it out so it had no effect. I'm selling things I had previously bought...some sell for more, others for less. Seemed fair and I don't believe the intent was to tax the average person on selling belongings or items not in the scope of a business.
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https://www.ebay.com/sch/hudsywudsy/m.html?item=204127250554&rt=nc&_trksid=p2047675.m3561.l2562
Dan, I sell some things on ebay and got a 1099k last year. On a separate space on my return, I put the same dollar amount as a cost of items sold reference to zero it out so it had no effect. I'm selling things I had previously bought...some sell for more, others for less. Seemed fair and I don't believe the intent was to tax the average person on selling belongings or items not in the scope of a business.
sent you a PM
Dave Eddie