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Werewolfdad t1_j25rhdm wrote

Reply to comment by beckagrosst in How should I deduct cost of goods sold for gifted household items for eBay taxes? by beckagrosst

Your post is asking about federal rules and you didn’t include your state

Regardless, your cost basis in a gift is either the donors adjusted Basis or FMV, whichever is “worse” for you, so it doesn’t matter since you don’t have a gain

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beckagrosst OP t1_j25rpnp wrote

I see. So basically I did not gain and therefore don't show a profit on this sale?

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Edit: The state is VA

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