I assume you got a 1099-K since the sales were over $20,000. Since you sold the items for less than you paid, you have a personal loss - which is not taxable. You need to enter the 1099-K and let the program know you did not make money. Follow these steps:Enter the 1099-KGo to Wages & Income and find the section for Other Common Income.Select Form 1099-K.When asked what type of income this is, select "Personal item sales" (Money made from selling personal property like furniture, clothes, or electronics).Enter the details exactly as shown on your form.TurboTax will ask you a follow-up question to account for the items sold at a loss:You will see a screen titled "Personal Item Sales."Select the option: "All items were sold at a loss or had no gain" (or enter the specific amount if only some were at a loss).TurboTax will then automatically generate an adjustment on your Schedule 1. It lists the $21,000 as income and then immediately subtracts $21,000 as an adjustment, resulting in $0 taxable impact.

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buckyp31

Level 1

Question

i sold 21000worth of items on ebay ..i paid way more for these items when purchased..how do i report it

Forum|Forum|2 months ago
April 14, 2026
1 reply
32 views

No text available

TurboTax Online

AmyC

Level 15

I assume you got a 1099-K since the sales were over $20,000. Since you sold the items for less than you paid, you have a personal loss - which is not taxable. You need to enter the 1099-K and let the program know you did not make money. Follow these steps:

Enter the 1099-K

Go to Wages & Income and find the section for Other Common Income.
Select Form 1099-K.
When asked what type of income this is, select "Personal item sales" (Money made from selling personal property like furniture, clothes, or electronics).
Enter the details exactly as shown on your form.

TurboTax will ask you a follow-up question to account for the items sold at a loss:
- You will see a screen titled "Personal Item Sales."
- Select the option: "All items were sold at a loss or had no gain" (or enter the specific amount if only some were at a loss).
- TurboTax will then automatically generate an adjustment on your Schedule 1. It lists the $21,000 as income and then immediately subtracts $21,000 as an adjustment, resulting in $0 taxable impact.