I have sold on eBay a few durable but relatively inexpensive items used by my solo business. When I originally bought them, they were expensed immediately in my accounting, not depreciated.
How do I account for the income I receive from these sales for the purposes of income tax --- do I have short / long term considerations, and capital vs ordinary income considerations. I'm not even sure which tax form I should be researching. Thanks for any guidance!
How do I account for the income I receive from these sales for the purposes of income tax --- do I have short / long term considerations, and capital vs ordinary income considerations. I'm not even sure which tax form I should be researching. Thanks for any guidance!
