I have enough to do in life than to bother with needless bookkeeping. ?It¡¯s just another way for the government to take our money and waste it on their agenda.
Ernie
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On Sep 22, 2022, at 11:50 AM, Mark Sunderlin <mark@...> wrote:
?On Thu, Sep 22, 2022 at 10:39 AM, Robert Needleman wrote:
you have no documentation? (or rarely so) of your cost basis if you purchased it many years ago, etc
In general, the IRS will allow you to use ?"fair market value" as your cost basis when you no longer have documentation. ?
Thus, with just a small amount of paperwork, most "hobby sellers" should be able to justify / document that they made no profits from their > $600 sales.
