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Get your taxes done using TurboTax
The items that you sold at a gain should decrease your refund. You made money on the sales. Items you sold at a loss are not allowed to increase your refund - you are not allowed to take a loss on the sale of personal items. You can either classify them as code L (loss not allowed) or you can enter the cost of the items you sold as the exact same as the sale price so there is no loss shown.
If the sale of your personal items is treated as a lump sale, like a garage sale, then you can total up your income and expenses and if the loss total is greater than the sale price total then you can enter it that way and while the loss is still not deductible at least you would not show any gain.
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‎February 5, 2023
11:25 AM