Quote:
Originally Posted by obzezzed
This might belong in the tax section but here it goes ... for anyone who has received a 1099k that has COMC cash out payments there, how do you figure out your COGS (cost of goods sold)?
I made ~5,000 sales last year for 10k in gross revenue. No idea where I originally got my cards from. Heck, some of them sold were probably left in my account from 2011. I open boxes, buy collections on Craigslist, card shows, card shops, trade, flip, etc. Seems redic to try and find the original cost of each of these 5,000 cards.
Def. wasn't 10k in profit. But I need to figure out what I can subtract.
Thanks!
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I would start with the easy stuff like the fees associated with selling on COMC. The COGS is something you should have been figuring all along. Waiting til now is gonna make it more difficult to prove anything should you get audited. Which honestly is avery slim chance but it can happen