Get your taxes done using TurboTax

When selling personal items on eBay, here's how to handle reporting the sales and entering the 1099-K:

• Report Gains: Report gains from the sale of personal items on Form 8949 and Schedule D (Form 1040). Gains from the sale of personal items are taxable. See the steps below.
• Do Not Report Personal Losses: Personal losses from the sale of items are not tax-deductible.
• Estimate Cost Basis: Use a reasonable method to estimate the cost basis, such as the fair market value (FMV) at the time of purchase. Keep detailed records about how you calculated the FMV.

Steps to Enter Your 1099-K in TurboTax

1. Make sure you are logged in to TurboTax.
2. Open or continue your return.
3. Open or continue your return.
4. Click her to go to 1099-K.
5. Follow the onscreen instructions to enter your 1099-K.

Additional Tips

• Keep Records: Maintain any documentation or records that support your FMV estimates and sales transactions.