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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7155
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Had several tax questions, the first one is if i sell some

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Had several tax questions, the first one is if i sell some my old toys and games on ebay what portion of it is considered reportable tax? (approx 2,000 in 09 ) Most of what i sold is pretty much what i paid for and the other i got lucky for whatever reason and had 3 items sell for x3 the amount of what i paid. In the end, what i get is about the amount what it cost me.

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Based upon what you describe, it doesn't appear that you have anything to report.

Stephen G. and 4 other Tax Specialists are ready to help you
Customer: replied 7 years ago.

Thanks Stephen! Sorry for not getting back sooner, I was in a car accident months ago and my back flared up. My last two questions are these:


1. I purchased the master sculpts to a sci-fi model, which in turn was to be replicated and sold. Its a hobby and I wasn't expecting to profit from the kits produced from the masters, just hoping to break even. I farmed out the production of the kit and after those costs I average $25 a kit. I've sold so far 30 kits .... only receiving about $750 in "profit" ... the master sculpts costed approx $3,600 . Meaning I still have about $2,900 more to go before breaking even with the cost of the purchase price of the sculpt. I just wanted to make sure at what point do I start reporting it as profit? I was thinking it was the same or similiar to me selling my items on ebay.


2. Once I reach a settlement for lost wages and pain and suffering with the insurance company, what portion is reported for tax? there is lost wages begining sep 09 and into april 2010 at the very least. i have been told a settlement is not taxed and someone else has said only the lost wages is taxed. Thanks for your patience!