topic Possibly Recording losses in Get your taxes done using TurboTax

Possibly Recording losses

BlueDuck14 — Tue, 10 Mar 2026 06:18:41 GMT

Hello TurboTax Community

I Bought more stuff on my PayPal account this year than I earned money wise.

Is this considered a net loss?

If so, am I able to file it as such in my taxes?

If not for either question, then that's fine. I was just curious.

Re: Possibly Recording losses

VolvoGirl — Wed, 26 Oct 2022 21:10:06 GMT

Was this for a business you are doing? You can only deduct business expenses and purchases. For personal you can't deduct losses.

Re: Possibly Recording losses

BlueDuck14 — Wed, 26 Oct 2022 21:11:39 GMT

I bought stuff and earned money on my personal account.

Regardless, thanks for letting me know.

Re: Possibly Recording losses

VolvoGirl — Wed, 26 Oct 2022 21:23:38 GMT

Did you buy and sell stuff? You might have to report it as self employment. Then you can show a loss. Give more details. Doesn't matter if it is a personal PayPal account. It could be considered a business to you.

Re: Possibly Recording losses

BlueDuck14 — Wed, 26 Oct 2022 21:31:07 GMT

What I bought most likely can't be considered business expenses or purchases. All those transactions I were personal. I never considered my personal account a business account in regard to the stuff I bought sold. Should I consider it as such though so I can file correctly?