HopeS
Expert Alumni

Business & farm

It depends on whether or not you are selling on eBay as a business. Assuming your question relates to selling on eBay and you did not receive Form 1099K. If this is your situation,  you should still report the income and related expenses on Schedule C as follows:

 

  1. Open or continue your return in TurboTax
  2. Search for Schedule C and select the Jump to link at the top of the search results
  3. Answer Yes on the Did you have any self-employment income or expenses? screen
    • If you land on the Your 2022 self-employed work summary page, select Review next to the work you're adding income for
  4. Answer the questions on the following screens until you arrive at Let's enter the income for your work
  5. Select Other self-employed income and select Continue
  6. On the next page, you can enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment
  7. You would follow through the interview and enter as cash or credit etc.

 

If you are not in the business of selling personal items it's possible to report the income without filing Schedule C.  If you sold any of the items for a profit, then you should report the sale as an investment sale on the tax return.  Any items sold at a loss would not be a deductible loss or required to be reported.  You must keep all your records as proof of each transaction with the tax records should you need to verify later.

 

See additional information in the links below:

 

Write off Business Expenses

 

 

How to report income from Self Employment

 

@jon90 

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