KrisD15
Expert Alumni

Deductions & credits

if you sold the items soon after your father passed, there would be no gain nor taxable income to report. 

(If you inherited property and held on to it before selling, you might have gain)

According to the IRS:

"The basis of inherited property is generally the fair market value at the date of death"

Inherited property is treated as Long-Term. 

Here is how to enter that 1099-K

 

 

Enter the 1099-K as it is reported under 

Income 

Other Common Income

Income from Form 1099-K

 

be sure to select "Personal item sales" 

 

Click DONE

 

Return to 

Income

Investment Income

Stocks, Mutual Funds, Bonds, Other

Start

Click Edit next to the eBay 1099-K

Select "I'll enter a summary"

Enter the amount of "Total proceeds" and "Total cost basis" as the same amount

Select LONG TERM for the holding period

continue and select DONE 

 

 

 

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