Sold a business asset on eBay. I want to remove the asset from my list, but it looks like I had a gain. I reported this as income already on my 1099. How to handle?

Selling the item makes it look like a business gain, but I was issued a 1099 from eBay and reported that on my personal income tax return. Should I just leave the item listed on my assets, or report $0 as a sale of the item? Don't want to be double taxed on this income.

106

Expert Alumni

Feb 26, 2023 12:11:11 PM

You should only report the personal portion of the 1099 on the personal section in TurboTax and the business portion on your schedule C.

Alternatively

You could report the business asset as "converted to personal use" and then sold. This way the 1099-K can be reported on the personal section

HOWEVER

Either way, as a business asset, you should have taken depreciation and/or a Section 179 deduction and that needs to be included in the Capital Gains and/or Depreciation Recapture income.

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Sold a business asset on eBay. I want to remove the asset from my list, but it looks like I had a gain. I reported this as income already on my 1099. How to handle?