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Old 03-16-2014, 10:09 PM
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Cost of Goods

I rent a case at an antique mall. I am using Schedule C. How do I determine gain or loss on a sale if the item that sold has been with me for many years and I have no idea what I originally paid for it or even if I paid for it or received it as a gift? Would this type of activity be better characterized as a hobby since I have yet to make a profit and my expectations are that this will continue?



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