Hi - I sold some of my unused music gear on a site called Reverb.com this year. It is my understanding that I will be getting a 1099K for the sales of these - all were just personal sales of stuff that I no longer use and Reverb makes it so that I can sell to other folks/musicians - similar to eBay - except no bidding
Now just to clarify:
* Total sales are $1934.
* I sold everything for less than I paid for them -
* using TT Deluxe 2022
I enter a 1099k Summary specifying that that this is for personal sales - I then get directed in the 'learn more' and get these directions:
"Be sure to select Personal Items under the What type of investment did you sell? The Cost or other basis amount should be the amount you originally paid for the item. Select Continue when you’re finished to go to the Review your Sales screen. If there was more than one personal item sale included in the 1099-K amount, select Add another sale to add each item. If not, you can Continue.
If you sold your personal item(s) for a loss, that loss cannot offset other income on your tax return like capital loss items (stocks)."
I follow all of the directions and what is confusing is that the program calculates loss and I don't see a way for it not to do this. Am I missing something? As an aside, my goodness I wouldn't have tried to sell anything if I knew this would be such a pain...
Thanks in advance...
* - I just saw that the IRS is delaying this until 2023 (tax year 2022)
