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Can I report the sale of a personal item with a loss on the online form?

 
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2 Replies

Can I report the sale of a personal item with a loss on the online form?

The loss on the sale of personal property is not reported on a tax return.

DavidD66
Expert Alumni

Can I report the sale of a personal item with a loss on the online form?

Yes.  You will enter the same way you would enter an investment sale reported on a 1099-B.  Do report in TurboTax Online:  

 

  • Type 1099-B in to Search and hit enter
  • Click on "Jump to 1099b
  • Answer  Yes  to "Did you have investment income in 2023?"  
  • Click through the program until you get to "Let's import your tax info?", and click on "Enter a different way". 
  • Click to highlight the box with "Other (land, second homes, personal items)", then click on Continue.  
  • Enter something for "Name" and click on Continue.  
  • Click the down arrow to open the drop down menu for "What type of investment did you sell?"
  • Select "Personal Items
  • Answer the questions and enter the details of the sale

FYI, although a gain on the sale of personal items is taxable, you cannot deduct a loss on the sale of personal items.

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