Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Showing results for 
Search instead for 
Did you mean: 
Level 1

1099K from Facebook and eBay sales

Hello!  I am a collector of action figures and have amassed quite a few over the years.  I routinely had bought and sold (usually at a loss when it was all said and done after fees and shipping) compared to what I usually paid.  I know that since I collect and sell high end (expensive) figures that I will hit the thresholds.  What do I need to have prepared to show that I took a loss on these?  I intentionally don’t sell over what I paid for things so that I don’t take a profit as the intent of me selling them is to buy different ones not run a business or make a profit.  

1 Reply
Level 1

1099K from Facebook and eBay sales

I am curious about this too. I do the same thing with music instruments, I buy them and usually sell the ones I don't use so I can fund the purchase of others. Pretty much every one I sold was less than what I paid, I'm wanting to know what will I need to do to document all these sales and calculate tax owed.


Eg: will I total all the sales together and calculate a profit or loss for the 1099-K form? If I'm at a loss, will this offset my total income and lower my overall tax owed? I have also sold odd items from around my house, will I also add these into the same form? 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies