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Get your taxes done using TurboTax
I would caution that if you don't report the $2,000 as income you'll receive and under reporting notice (CP 2000) from the IRS adding it to your return. You might consider filing Form 8275 with your return. On the form you can tell the IRS why you're not reporting it - which is because you sold personal property at a substantial loss. It's a lot easier than trying to navigate letters to the IRS after the return was filed. You might even provide a listing of the items sold and their original cost to the return.
March 12, 2023
12:56 PM