Years ago I purchased my father a mobility scooter. He passed away recently, and still had the scooter, so I listed it for sale on eBay. They are telling me I will get a 1099-K, since the scooter was sold for $2000. I paid taxes on the money I used to buy the scooter, as it was earned through work. Now, selling it, I'm being taxed again. Not a big deal or a lot of money, as I have a huge write off this year coming up, but I am not sure if I understand why I would be double taxed or how to put this off to the side. It doesn't seem right. Comments?
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The 1099-K only means that you received a certain amount of money. It does not necessarily mean that that money is taxable income. If you sold the scooter for less than you paid for it, you have no gain, and therefore do not owe any tax on it. (But you cannot claim a loss on the sale of something that was for personal use.) You can report the sale with the basis higher than the proceeds. There is a box you can check in TurboTax to indicate that you cannot claim the loss.
The 1099-K only means that you received a certain amount of money. It does not necessarily mean that that money is taxable income. If you sold the scooter for less than you paid for it, you have no gain, and therefore do not owe any tax on it. (But you cannot claim a loss on the sale of something that was for personal use.) You can report the sale with the basis higher than the proceeds. There is a box you can check in TurboTax to indicate that you cannot claim the loss.
Thank you. Big help!
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