There is no perfect way to do this. Schedule D has been tossed around the community, however, you can't take a loss on the sale of personal items. Also, the Investment section is used to report capital assets. You did not buy these items as an investment. Yes, if you go this route, you could total the amounts.
A cleaner way of doing this is reporting the 1099-K. Another problem with answering questions like this is, there is no "one size fits all". There are so many permutations to this.
These are just some of the questions regarding 1099-K.
1) Some of the things I sold pertained to a business, but some did not.
You have to separate the sales that were actually business vs those that were not. You have a hybrid situation.
2) None was business income. I sold old things I had laying around the house. This is not a business. You must include the 1099-K but you can zero out the income since you had no profit.
3) I did this so it's kind of a business but not really. Yes. It's a business. Report on Schedule C.
4) I bought and resold but it was a one-off type of thing. You had a sporadic activity. It is other income.
The IRS simply states this.
What should I do with this information?
It is important that your business books and records reflect your business income, including any amounts that may be reported on Form 1099-K. You must report on your income tax return all income you receive from your business. In most cases, your business income will be in the form of cash, checks, and debit/credit card payments. Business income is generally referred to as gross receipts on income tax returns. Therefore, you should consider the amounts shown on Form 1099-K, along with all other amounts received, when calculating gross receipts for your income tax return.
1099-K
