Only IF ALL of the items sold at a loss. If you sold some at a gain, you will need to add each transaction that resulted in a gain individually. So, if you sold a guitar for a profit of $500, you will need to list that separate from your items sold at a loss.
You should keep documentation of all the transactions. If you had reported sales of $20,000 and report it all at a loss, this may raise a red flag with the IRS. So, it would be a very good idea to have an itemized spreadsheet showing your sales and some type of cost basis, so you have documentation that all transactions happened at a loss.
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