In my example, the one personal item sale loss is not allowed to offset the personal item sale gain. That was the point that I was hoping to make when I posted. Please accept my apology for being unclear.
This TurboTax Help states:
Each gain or loss from a personal item sale needs to be reported separately. If you had a loss on the sale of any personal item, it can't cancel out any gain on the sale of another personal item.
If you elect to report the IRS form 1099-K as self-employment income, and the IRS form 1099-K reports $6,700, I would have thought you could report a loss. The self-employment activity may allow you to claim other expenses that are not available under the personal item sale.
A downside of reporting a self-employment activity is that net income is subject to self-employment tax as well as income tax.
@JJ161
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
