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<p>[QUOTE=&quot;calcol, post: 8309936, member: 77639&quot;]I’m guessing that a lot of what is sold on eBay (coins plus everything else) is sold at a technical loss.&nbsp; It was something bought in the past and is currently of no use to the seller, so it goes on eBay at a fraction of acquisition cost.&nbsp; With decent accounting, losses and gains on eBay may be reportable as business losses and gains rather than capital losses/gains on collectibles.&nbsp; This allows a host of business expenses to be deducted from what is sold. </p><p><br /></p><p>Given the shortage of IRS auditors, IRS will probably be very careful whom they audit … likely, high dollar sellers.&nbsp; They’ll probably find that if they audit smaller sellers who fail to include proceeds from a 1099K that they (the IRS) are losers when acquisition costs and other expenses are subtracted from sales proceeds.</p><p><br /></p><p>However, their automated system may notice that proceeds from a 1099K weren’t included on a return, and a letter asking for tax on the entire amount may be sent.&nbsp; Many folks may meekly pay it, whereas if they considered acquisition and other costs, the IRS might owe them money.&nbsp; If enough folks do proper accounting, IRS might not even check whether low dollar amount 1099K proceeds are included on returns.&nbsp; Why start an audit if they’re likely to lose money in the end?</p><p><br /></p><p>Cal[/QUOTE]</p><p><br /></p>

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