I have a lot of things I want to sell on Ebay but have no receipts because the items were purchased a long time ago. How is Ebay income treated tax-wise? Can I just increase my 401k contribution amounts to defray the Ebay income and just kick the tax can down the road another few decades? That is what I think I will have to do. I’ll get the income from Ebay sales but delay taxes for a while.
I know someone that sells sports cards on eBay and they have not received a 1099. No reason to report income if there is no 1099.