topic Re: deductions in Deductions & credits

deductions

jp53 — Tue, 10 Mar 2026 07:07:10 GMT

We take the standard deduction each year.We sold our doll collection this year at a large loss. Can we deduct the loss with the standard deduction or do we have to itemize ? how much can we deduct?

Re: deductions

Opus 17 — Thu, 10 Nov 2022 20:07:22 GMT

Losses on the sale of personal items are never tax deductible.

If this was a collection held for investment purposes (and if audited, you need to be able to prove this claim) then you report the loss on schedule D. You can deduct your losses up to the amount of your other capital gains, plus $3000. Additional losses are carried over to the future and can be deducted against other capital gains. Capital losses on schedule D have nothing to do with itemized deductions on Schedule A or the standard deduction.

Re: deductions

DoninGA — Thu, 10 Nov 2022 20:20:19 GMT

Was the doll collection for personal use before you decided to sell or was the collection held for investment purposes only?