I sold a musical instrument in 2018. Do I need to report the sale as income?

I am a professional musician and have W-2 and 1099-MISC income. The instrument I sold was used by my son who is no longer a dependent.

posted

Since the instrument was personal property (used by your family), you would only report income if you sold the instrument for more than you paid for it. If you sold it for less than you paid for it, then the sale does not get entered, as losses on personal property are not deductible. See more information below:

https://ttlc.intuit.com/replies/3995054

So I only need to report any profit from the sale? I did sell it for a little more than I paid for it, but I don't have those records since it was more than 10 years ago.