Hello Ccl, You are on target. This is just a sale like a Garage/Yard Sale. The income received is assumed to be much smaller than the original cost. The items that you sold at a profit could be listed as personal property and record on Schedule D as capital gain. Unfortunately, you will need to record the 1099-K. You can reconcile the 1099-K from Ebay by recording an offset--negative entry. Please see below.
To clarify where to enter the negative amount:
- Go back to Option 2, Step 5. Enter the applicable description and amount and Continue. (For example, the entries were Description Personal Property Sales and 100)
- TurboTax now shows Other Miscellaneous Income Summary.
- Select +Add Another Income Item on the lower left side.
- At Other Taxable Income enter Cost of Personal Property for description and the negative amount and Continue. (To continue with the example, the amount would be -100.)
- Now returned to Other Miscellaneous Income Summary, select Done.
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