Business & farm
Yes, if you had a cost for the items you sold, you would report that in the 'Investment Sales' section. Do not select Form 1099-B as the type of entry. Instead select 'Other' sales. The information here assumes you are not in the business of buying and selling or doing it for a hobby.
NOTE: One personal item or a group of personal items sold in one transaction at a gain requires the gain to be taxed.
One personal item or a group of personal items in one transaction sold at a loss, the loss is suspended and not allowed to reduce or offset other income, even the gain on personal items sold in a different transaction.
- Search (upper right) > type schedule d > use the Jump to... link select 'Review' on Personal items sale (Form 1099-K) > follow the prompts to complete the cost entry
- See the image below.
[Edited: 01/20/2023 | 1:39p PST]
