KrisD15
Expert Alumni

Get your taxes done using TurboTax

It doesn't matter as long as you report the items that were sold at a profit. 

There are rules for "Collectors" but that does not apply for the typical Taxpayer that sells on E-bay. It would be someone that invests in say, a painting that is kept in storage and which was purchased only as an investment, so never used.  

 

If some of the sales were "collectables" like Beanie Babies or some other purchase you made that people now want, and which you sold at a profit, select "I sold some items at a loss or had no gain" when entering the 1099-K. 

You will then enter the amount reported on the 1099-K which was for these items/collectables sold at a profit. 

Click DONE

 

Go to Investment Income

Stocks, Mutual Funds, Bonds, Other

The 1099-K should be listed, click Edit 

Continue until you can add the sales and show the gain, if you sold something for more than you originally paid. 

 

Short-term is if you have the item for one year or less.

Long-term is if you have it for longer than one year. 

If you sold something you had inherited, that is always long-term.

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