eBay says I don't have 1099-K forms for past years - do I still need to report my sales?

So if I sold my old PS4 and some games for like $300 but I originally paid $500 for everything a few years ago, I don't need to report that since I technically lost money?

That's correct. If you sold personal items like your PS4 and games for less than what you originally paid, that's considered a personal loss and isn't reportable as income. The IRS doesn't allow you to deduct personal losses, but they also don't require you to report the sale when you sell at a loss. If you were regularly buying games specifically to resell them at a profit, that would be different and would be considered business income that should be reported on Schedule C, regardless of whether you received a 1099-K.

Does it work if you sell on other platforms too? I sell on eBay, Mercari, and Facebook Marketplace and trying to keep track is a nightmare.

I'm kinda suspicious about these tax tools. How does it know what you originally paid for something years ago? Seems like you'd still have to input all that info manually which is the real headache.

Yes, it works with multiple platforms! I use it for my eBay and Mercari sales. You can import data from different marketplaces and it consolidates everything in one place for tax purposes. For your question about original purchase prices - you're right that you need to provide that information, but the tool makes it much easier. You can either import purchase receipts if you have them digitally, or enter estimates for items. What's helpful is that it prompts you with realistic price ranges based on the item category and condition, so you don't have to remember exact amounts for everything you bought years ago. It's more about creating a reasonable system of record that would satisfy the IRS if questioned.

How does this actually work? I thought it was impossible to get through to the IRS phone lines especially during tax season.

This sounds like BS. I've tried calling the IRS dozens of times over the past few years and either get disconnected or wait hours. No way some service can magically get you through when millions of people can't get through.

The service uses technology that continuously redials and navigates the IRS phone system for you. When you sign up, they get your information and what you need help with, then their system keeps trying to get through the IRS phone maze. It works because most people give up after a few tries or can't sit on hold for hours. Their system basically handles all that frustrating stuff, and when they finally get a real person on the line, they call you and connect you directly to that IRS agent. You don't have to sit by your phone waiting - they just text you when they've got someone.

Isn't doing Schedule C more expensive though? Doesn't that mean you have to pay self-employment tax on top of regular income tax? I've heard that's an extra 15% or something.

You're right that Schedule C means paying self-employment tax (about 15.3%), but only on your actual profits. If you're selling as a business activity, even casually, that's the correct way to report it. The benefit is that on Schedule C you can deduct all your legitimate business expenses - shipping supplies, mileage to post office, percentage of phone/internet used for selling, fees paid to eBay, etc. Many casual sellers find that after expenses, their actual taxable profit is much lower than their gross sales. Also, reporting correctly means you're building Social Security credits, which will benefit you in retirement.

Cash sales still have the same tax rules technically - it's about whether you're making a profit, not how you're paid. The difference is just in reporting - payment apps and platforms have to report to the IRS when they process payments over the threshold, but there's no automated reporting system for cash transactions. That said, deliberately switching to cash to avoid reporting requirements could be seen as tax evasion if you're actually running a business. If you're just selling personal items at a loss occasionally, then the payment method doesn't matter since it wouldn't be taxable income anyway.

This is such great advice! I never thought about going back through old bank statements to find purchase records. I've been selling some older electronics and designer items that I know I paid good money for years ago, but couldn't remember exact amounts. One question - when you say "research what similar items cost when I would have bought them," do you mean like looking at historical pricing data or just current used market prices? I'm trying to establish basis for some vintage collectibles I bought in the early 2010s and want to make sure I'm doing it the right way.

For vintage collectibles from the early 2010s, you'll want to look at historical pricing data rather than current values. A few approaches that work well: 1. Check eBay's "Sold Listings" and filter by date ranges to see what similar items actually sold for during the timeframe you purchased yours 2. Use archive.org (Wayback Machine) to look at old retailer websites and see what those items were listed for back then 3. Look up price guides or collector publications from that era - many are digitized online now 4. Check old forum posts or collector communities where people discussed prices during that time period The key is establishing what you would have reasonably paid as a consumer in that market at that time, not what they're worth now. Document your research process too - save screenshots or print pages showing your sources. This creates a paper trail showing you made a good faith effort to determine fair market value from the purchase period. For really valuable items, it might be worth paying for a professional appraisal that includes historical value analysis. The cost could be worth it if it saves you from overpaying taxes on gains that didn't actually happen.

For vintage collectibles from the early 2010s, I'd recommend looking at historical pricing data rather than current used prices, since collectibles can fluctuate so much over time. Sites like WorthPoint, Heritage Auctions, and even archived eBay sold listings can show what similar items actually sold for during the timeframe you purchased them. The key is documenting your research method. I usually save screenshots of comparable sales from the time period and note the source. For example, if I bought a vintage toy in 2012, I'd look for actual sold listings of that same toy from 2011-2013 to establish a reasonable purchase price range. Current market value isn't relevant for establishing your original basis - you want to show what you likely paid back then. Sometimes items that are worth $500 today might have only cost $50 in 2012, and that lower amount is what you'd use as your basis for calculating gain or loss.

For vintage collectibles from the early 2010s, I'd recommend looking at historical pricing data rather than current values since the market for collectibles can fluctuate so much. Sites like WorthPoint, Heritage Auctions, or even archived eBay sold listings (using the Wayback Machine) can help you find what similar items were selling for during the timeframe when you purchased them. You want to establish what you reasonably would have paid at the time of purchase, not what they're worth now. For example, if you bought a rare trading card in 2012, you'd want to find evidence of what similar cards sold for in 2012, not what they're going for today after potentially becoming more popular. The IRS expects "reasonable estimates" based on available evidence, so documenting your research process is key. I keep screenshots of the historical pricing data I find and note the sources in my spreadsheet. This creates a paper trail showing you made a good faith effort to determine your original basis.

For vintage collectibles from the early 2010s, I'd recommend looking at historical pricing data when possible. Sites like WorthPoint, PriceCharting (for games/electronics), or even eBay's "sold listings" filtered by date can sometimes give you historical price points. You can also check archived versions of retail websites using the Wayback Machine to see what items originally sold for. If historical data isn't available, using current market value of similar condition items from that era is acceptable, but you'd want to adjust downward to account for the time difference. The IRS generally accepts reasonable estimates made in good faith, especially when you document your methodology. For really valuable pieces, consider getting a professional appraisal that establishes both current value and estimated historical cost basis. The appraisal fee might be worth it if we're talking about items worth thousands of dollars.

For vintage collectibles from the early 2010s, you'll want to look at historical pricing data rather than current used prices, since collectible values can fluctuate significantly over time. A few approaches that work well: 1. Check archived listings on eBay using the Wayback Machine - you can sometimes find what similar items were selling for in specific years 2. Look for price guides or collector resources that show historical values (like Beckett for cards, or collector forums with price tracking) 3. Search for retail prices from that time period using archived websites of major retailers The key is documenting your research method. Keep screenshots or notes about where you found the pricing data, so if questioned you can show the IRS your reasonable basis for the estimates. For items you're genuinely unsure about, it's better to use conservative estimates rather than inflated ones - this shows good faith effort and reduces audit risk. Also remember that for collectibles, if you held them for more than a year before selling, any gains would typically be taxed as capital gains rather than ordinary income, which can be more favorable tax treatment.

For vintage collectibles from the early 2010s, you'll want to look at historical pricing data rather than current market values. Try using the Wayback Machine (web.archive.org) to look at eBay sold listings, collector price guides, or retailer websites from around the time you purchased them. Many collector communities also maintain historical price databases. The IRS expects you to use your actual cost basis (what you paid), not current market value at the time of sale. So if you bought a collectible for $50 in 2012 and it's worth $200 now, your basis is still $50. If you sell it for $150, you'd report $100 as taxable gain. You can also check if you have any emails from PayPal, eBay, or other platforms from those purchases - those records often go back much further than you'd expect and can provide exact amounts and dates.

For vintage collectibles from the early 2010s, I'd recommend looking at historical pricing data rather than current values, since collectible markets can fluctuate significantly over time. You want to establish what you reasonably would have paid back then, not what the item might be worth today. Some approaches that have worked for me: check archived eBay "sold listings" using the Wayback Machine for specific dates, look at old price guides or catalogs from hobby publications, or search collector forums for discussions about pricing from those time periods. For items where you truly can't find historical data, using a conservative estimate based on what similar condition items sold for during that era is usually acceptable. The key is documenting your research process - keep notes about where you found the pricing information and your reasoning. This shows good faith effort to the IRS if they ever question your basis calculations.

For vintage collectibles, you want to look at historical pricing data from when you actually bought them, not current values. A few approaches that work well: 1. Check archived eBay "sold listings" using the Wayback Machine - you can see what similar items were selling for in specific years 2. Look up collector price guides or catalogs from those time periods (many are digitized now) 3. Search old forum posts or collector communities where people discussed pricing 4. Check retail websites from that era using archive.org to see original retail prices The key is documenting your research process. I keep screenshots and notes about where I found the pricing data, so if questioned, I can show the IRS exactly how I arrived at my basis estimate. For collectibles especially, this historical approach is much more accurate than using current market values, since collectible prices can fluctuate dramatically over time. Also worth noting - if you bought items as investments or specifically to collect/resell, those might need different tax treatment than personal items you happened to sell later.

For vintage collectibles from the early 2010s, I'd recommend looking at historical pricing data rather than current market values. Sites like eBay's "sold listings" let you filter by date ranges, so you can see what similar items actually sold for during the time period when you made your purchases. You can also check archived versions of retailer websites using the Wayback Machine to see original retail prices. The key is establishing what you reasonably would have paid at the time of purchase, not what the items are worth now. For collectibles especially, values can fluctuate dramatically over a decade. If you bought Pokemon cards in 2012, for example, you'd want to use 2012 pricing data, not current inflated values. Keep documentation of your research process too - screenshots of historical sales data, notes about which sources you used, etc. This creates a paper trail showing you made a good faith effort to establish accurate basis, which is what the IRS cares about most.

For vintage collectibles from the early 2010s, you'll want to look at historical pricing data as much as possible rather than current values. Try checking archived eBay sold listings (eBay keeps some historical data), Wayback Machine snapshots of retailer websites from that time period, or collector price guides that show historical values. For items where you can't find exact historical data, a reasonable approach is to estimate what you likely paid based on the retail price range at the time you purchased them. If you bought something that retails for $100 today but you bought it 10+ years ago, you probably paid significantly less due to inflation and the item being newer then. The IRS generally accepts reasonable estimates when exact records aren't available, as long as you can show you made a good faith effort to determine fair market value at the time of purchase. Document your research method - like "estimated based on 2012 collector price guide showing similar items at $X" - so you have backup if questioned.

For vintage collectibles from the early 2010s, I'd recommend looking at historical pricing data when possible. Sites like WorthPoint, Heritage Auctions, or even eBay's "sold listings" can sometimes show historical sale prices if you search far enough back. For items where you can't find specific historical data, using contemporary retail prices from that time period is reasonable - you can sometimes find old catalog pages, advertisements, or forum discussions that mention what things cost new back then. The IRS generally accepts reasonable estimates when exact records aren't available, as long as you can show you made a good faith effort to establish fair market value at the time of purchase. Just document your research method - like "Based on 2012 eBay sold listings for similar condition" or "Estimated from 2011 retail price found in archived product catalog." This shows you weren't just making up numbers.