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Get your taxes done using TurboTax
We have a similar situation. We are downsizing in our retirement and sold over 200 personal items between Amazon and eBay in 2020. Many of the items are books from my husband's professional library so there are many small orders. We are also selling a variety of used household items and personal possessions. All are sold for less than we paid, or less than the fair market value if we don't have the receipt . We have 1099k's totaling $6205. We will live in Illinois where the 1099k rules are 4 or more transactions exceeding $1000 or 4 transactions. We are not doing this as a hobby by any means, nor are we selling our possessions to make a profit. I tried entering the income of Sale of Personal Items $6205 under Less Common Income - Miscellaneous, but there wasn't a place to enter the adjustment. I guessed that you enter another called Cost of Personal Items -$6205. Is that the correct way to handle the entry? Thank you.