BobKamman
Level 15
03-24-2021
04:48 PM
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Don't think of it as a house, think of it as a truckload of hand sanitizer. You thought you got a good deal on it for $100,000, but selling it on eBay brought in only $60,000. eBay told IRS that you had $60,000 in sales. How do you think IRS is going to know you lost $40,000 if you don't report your cost?