It is my understanding that I shouldn't have to pay tax on my ebay sales. Most of the things I sell are my own possessions that I'm clearing out, some of which would be considered collectible items. If I have a collectible that I kept in good condition and am able to sell it in a 'new' condition years later, I don't know if they're going to try to tax me on that. I can't prove that I didn't buy it purely to sell for a profit.
I'm selling some old train sets that I inherited, so I have no record of the original cost. I'm worried the government are going to try to tax me on the full value of the sale which probably won't be much more than the cost when it was originally purchased.
Does anyone know much about how exactly this works and whether I'm likely to encounter any issues with this?
Thank you.
