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t1_j273tr0 wrote

Reply to comment by in How should I deduct cost of goods sold for gifted household items for eBay taxes? by

Ya, that’s fine. The cash from selling the item later is part of the gift your brother gave you as long as it didn’t appreciate in value since then.

He can give you up to $13k worth of gifts per year without any tax implications at all and just file some record keeping forms for up to millions after that.

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