beckagrosst OP t1_j25tisc wrote on December 29, 2022 at 9:40 PM

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

Thanks for this. I do NOT operate a business. To clarify, the items sold are items that I am getting rid of from my home, such as selling old clothes or old electronics. My brother gifted me the laptop for a birthday years ago, I used it for personal use (school etc), and sold it this year so that I could buy a new laptop. I never paid for the laptop, but I kept the money from the sale.

compounding t1_j273tr0 wrote on December 30, 2022 at 3:05 AM

Ya, that’s fine. The cash from selling the item later is part of the gift your brother gave you as long as it didn’t appreciate in value since then.

He can give you up to $13k worth of gifts per year without any tax implications at all and just file some record keeping forms for up to millions after that.