It depends, if you are not in the business of selling personal items it's possible to report the income without filing Schedule C. If you sold any of the items for a profit, then you should report the sale as an investment sale on the tax return Any items sold at a loss would not be a deductible loss or required to be reported. You must keep all your records as proof of each transaction with your records should you need to verify them later. However, you must report any gain you received on specific items when and if that occurs. And by reporting the sales this way you are also indicating you are not in the business of buying and reselling items regularly for your livelihood.
You are not required to report sales of personal items that are sold at a loss. The reporting requirements have been updated for the third party handling the money transaction for individuals.
The following information will be helpful to make your decision:
Do I have to report personal items sold
Form 1099-K Frequently Asked Questions
@Caseyblue
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
