I had $40k plus in paypal transactions, but it is just shifting my hobby around. I collect some coins, but wanted to get rid of those coins to fund buying some other coins. In total my 2017 buying on paypal matched my selling on paypal.
It is not a business, just a way to modify my personal collection.
Do I still have to file this as a business because of the store?
Can I deduct my purchases to the same amount as my sales?
selling is a business and you should report it in your tax return,how much you paid for those coins(if you keep records) and how much you sell them for,is your gross profit.
of course you want to subract Paypal fee,Ebay fee,actuall shipping and packing,mileage to post office is now 0.535 dollar per mile ,etc etc.
what you do with the sales proceeds does not concern IRS until they are disposed.
As we have no details concerning the types of sales you had (Sending/Receiving money as Friends and Family or Goods or Services or some other means) your best option is to read through the FAQs here .
If you meet the requirements, then yes, you would need file.
