topic Poshmark Sales in Get your taxes done using TurboTax

Poshmark Sales

mchoma1971 — Wed, 22 Jan 2025 23:18:01 GMT

I have sold over 200+ items on Poshmark for 2024 and all of the items were my personal items. The question is since it is over 200+ items and made $15,000.00 at a loss how do I account for all of these items as a lot of these items I have had in my closets for over 2 years or more. Everything that I sold was at a loss even before Poshmark took their 20%. Please help as I thought that doing something fun is going to turn into me having to pay taxes. I am hoping that I shouldn't as again like I said all items were sold at a loss. Only a few items were NWT but, still took a loss.

Re: Poshmark Sales

MindyB — Wed, 22 Jan 2025 23:45:14 GMT

No, you do not have to pay taxes on personal items sold at a loss. You don't need the exact cost basis because personal losses aren't deductible. Poshmark likely has sent or will send a 1099-K.

Here is how to report this in TurboTax Online:

Within your tax return go to the magnifying glass icon on the top right, type 1099-K and select the Jump to 1099-K link in the search results
Choose Add a 1099-K
The next screen will ask "Which type of income your 1099-K is for?" choose Personal item sales, then Continue
Enter the information from your 1099-K
After you choose continue, the next screen will show "Personal Item Sales". Here is where you choose "All items were sold at a loss or had no gain"

Re: Poshmark Sales

mchoma1971 — Thu, 23 Jan 2025 19:40:37 GMT

Thank you Mindy!!!