USA Ebay business


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Hi,

I have a Ebay business that I have a couple of questions about. I file the taxes with my own taxes. I also have a separate banking account set up for the business.

1. I recently came across some things that I want to sell in my house that I have no idea what I paid for them. How do I account for a sale and the profit I will make by selling the items?
2. I wrote some of my items off about 2 years ago because they weren't selling and took a loss on them. I now want to try and sell them again, but just like the first question, I don't have the cost of the items anymore. What do I do for this?

Any help would be greatly appreciated.

Thanks
 
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BIG E

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1) Search around for FMV of such items at the time you remember it being in your house.
2) Amend your prior year tax return where you took a loss on them and pay the additional
income tax.
You can't take the same deduction for an item twice
 

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