Selling a personal item for less than you paid for it is not a taxable event.
@Bsch4477 wrote:
Selling a personal item for less than you paid for it is not a taxable event.
Selling a personal item for more than you paid for it is a capital gain, either short term or long term, depending on how long you owned it. In this case you must report the gain on form 8949 and schedule D, but you may not actually owe any tax if your only other income is your SS benefit. If you have other income (pension, IRA, gambling, etc.) then you report the gain and TurboTax will calculate the taxes.
There is nothing special about receiving an SS benefit as far as other types of income are concerned. Income is or isn't taxable according to the normal rules for that type of income.
Selling a personal item for less than you paid for it is not a taxable event.
@Bsch4477 wrote:
Selling a personal item for less than you paid for it is not a taxable event.
Selling a personal item for more than you paid for it is a capital gain, either short term or long term, depending on how long you owned it. In this case you must report the gain on form 8949 and schedule D, but you may not actually owe any tax if your only other income is your SS benefit. If you have other income (pension, IRA, gambling, etc.) then you report the gain and TurboTax will calculate the taxes.
There is nothing special about receiving an SS benefit as far as other types of income are concerned. Income is or isn't taxable according to the normal rules for that type of income.