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Get your taxes done using TurboTax
@Mike9241 wrote:
I agree only service income from hobbies goes on schedule 1. personal property sales go on schedule D. but aren't the losses on the sale of personal property disallowed?
Correct, I overlooked that here. Capital losses on personal property are not deductible and do not offset gains. However, I would still list all the sales on form 8949. That way, the total of the gross sales will equal or come close to the 1099-K, so the IRS sees that it matches.
If there was no 1099-K, you would list the sales that had a gain and ignore the sales that had a loss. I guess that was the "good old days" of income taxes?????
‎August 31, 2022
1:20 PM