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Get your taxes done using TurboTax
I can't get back to your question but here is how to handle the sale of personal property. In the Turbo Tax program in the income section there should be a question like "did you sell any assists". By answering YES it should take you to a question input screen. It may also ask did you receive a Form 1099K. The bottom line is, it should put your information on Schedule D Capital Gains and losses. The $1100 is the gross amount of the sale from that you will subtract the cost and any expenses of the sale. Because it is personal property you can't take a lost but you can reduce your cost by the expenses including the purchase price, the amount subject to tax will not be more than 15% of your gain and could, depending on your tax bracket, not taxable at all. Good Luck