Originally Posted by
roadcrankr
Sorry, but this is simply not true. The informational 1099, of course, reports at gross, but anybody can utilize a form Schedule C to capture costs and selling expenses.
Where the casual seller will make a mistake revolves around ignoring the 1099 altogether, then getting a tax bill from the IRS.
I haven’t visited this since early last year, and I’m not a tax guy. What I read, by supposedly knowledgable people, was if you bought a bike for $2000 and sold it for $1000 (third part payment) you couldn’t use the initial cost against the sale.
John