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Level 1

Question

deductions

Forum|Forum|3 years ago
November 10, 2022
2 replies
9 views

We take the standard deduction each year.We sold our doll collection this year at a large loss. Can we deduct the loss with the standard deduction or do we have to itemize ? how much can we deduct?

Level 15

Losses on the sale of personal items are never tax deductible.

If this was a collection held for investment purposes (and if audited, you need to be able to prove this claim) then you report the loss on schedule D. You can deduct your losses up to the amount of your other capital gains, plus $3000. Additional losses are carried over to the future and can be deducted against other capital gains. Capital losses on schedule D have nothing to do with itemized deductions on Schedule A or the standard deduction.

Level 15

Was the doll collection for personal use before you decided to sell or was the collection held for investment purposes only?