Selling trading cards at a loss

cust0mm3 — Fri, 14 Feb 2025 21:33:11 GMT

I played Magic the Gathering for several years and quit a few years back. I recently needed to renovate my bathroom and sold my collection to a vender for slightly under 15k. Since I sold to a vender they bought my cards at roughly 50% value on the cards. I still have my recipes from over the years showing that I paid more for the cards than what I sold them for. I received a 1099-k for what was sold. How do I report the sale of these cards and since I can prove that I sold these cards for less than what I paid, can I deduct what I paid for these cards as a loss?

Thank you.

Re: Selling trading cards at a loss

Vanessa A — Fri, 14 Feb 2025 21:40:44 GMT

Yes, you can deduct the amount you paid for the cards.

You would enter the sale of the cards on the 1099-K by clicking the following:

Federal
Income
Show More next to Other Common Income
Start next to 1099-K
Select Personal Item Sales
Enter the info from your 1099-K
Select All items were sold at a loss or had no gain

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Selling trading cards at a loss

Re: Selling trading cards at a loss