Hi all.
I sold about $7,400 worth of personal clothing/items on eBay in 2024. Overall I did not make a profit with most items sold for less than I paid.
eBay issued a 1099-K, but I accidentally forgot to include it when I filed my 2024 taxes so I’m amending now just to report it. I’m entering cost basis equal to the sales price so the result is zero taxable gain.
- Is this the correct approach for personal items sold at a loss?
- Any concern about audit risk for amending only to report the 1099-K?
- Anything else I should do/document?
Thanks for any guidance!
