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Level 1
January 19, 2024
Question

I earned $300 from craigslist gigs how do I add this to my income for the year when filing taxes

  • January 19, 2024
  • 2 replies
  • 31 views
Do I do it under miscellaneous cause I don't have 1099 for it but I want to add it to my income

2 replies

Alumni - Champ
January 19, 2024
Level 15
January 21, 2024

Casual sale of personal items may be reported on Schedule D IRS form 1040 and Schedule 8949.

 

Personal items sold for less than their basis (most likely, the original purchase price) report $0 capital gain on line 7 of the Federal 1040 tax return.

 

Personal items sold for more than their basis report the gain on line 7 of the Federal 1040 tax return.  See this example.

 

                                              Selling                   Cost

                                              Price                      Basis

 

Item 1                                   $500                       $2,000                 Capital loss on personal item = $0 loss

Item 2                                   $400                       $300                    Capital gain on personal item = $100 gain

Item 3                                   $100                       $100                    No capital gain or loss

 

                                              $1,000                   $2,400

 

To report such a casual sale of personal items, follow these directions.

 

  • Down the left side of the screen, click Federal.
  • Down the left side of the screen, click Wages & Income.
  • You may need to click Add more income.
  • Scroll down to Investments and Savings and click on the dropdown menu.
  • Click Start to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
  • At the screen OK, let's start with one investment type, select Other, Land, Second homes, Personal items.

See also this TurboTax Help.

 

@henrybrownjr89-g 

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