No. Purchase price and any sales expenses are what is allowed to use for the cost basis to determine gain or loss. In your example there is a gain of $800.00 ($900 - $100). On the other hand, anything sold at a loss would be a wash because you cannot deduct a personal loss. For those items you would use cost basis and selling price as the same number or do not report them at all.
- Keep all of your records pertaining to the sales with your tax return.
These are considered investment sales for tax purposes and reported on Schedule D. TurboTax Desktop will handle this, however if you use TurboTax Online you will need to upgrade to TurboTax Premier.
You can use the following link for instructions on how to enter into your tax return.
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