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Deductions & credits
No, you do not have to pay income tax on personal items sold at a loss. (But you also cannot claim the loss on your tax return.) If you get a 1099 reporting form from eBay you will have to report the sale, but there will be a way to cancel out the income so that you do not pay any tax.
This is an area where the details for entering the sale in TurboTax might change for 2024. The 2024 software is not available yet. After you get the 1099 from eBay, come back the to Community and someone will be able to tell you how to enter it. When you post, tell us what kind of 1099 form you got (1099-K, 1099-MISC, etc.) and what version of TurboTax you are using (Online or Download, and what edition: Deluxe, Premium, etc.).
‎October 27, 2024
4:58 PM
22,828 Views