Yes and Yes.
The IRS wanted reporting for 600 and over, but decided to postpone that until next year.
1) If this is your business, enter it as income for Schedule C.
You may then enter expenses, such as ebay fees.
(you shop garage sales and re-sell on ebay to make a business profit)
2) If this was just housekeeping (selling used items for less than what you paid) you can enter it as a "Personal item" sale and follow the prompts.
You cannot claim a loss on the sale of Personal Property.
Income
Other Common Income
Income from Form 1099-K
Select "Personal items"
Once that is completed, move to
Investment Income
Stocks, Mutual Funds Other
The ebay 1099-k will be listed
Select Edit for that 1099-K
Enter your cost basis (up to the amount of the sales proceeds)
Select Long-term if you owned the item for more than one year.
This will basically zero out the 1099-k
Again, this second procedure is for personal sales with no motive for profit.
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