Solved
Garage sale items
What if the items I am selling are old garage sale type items? I am losing money on them, but don’t have receipts because the items are old and used. Gross receipts of maybe $1,000 for the entire year.
Anonymous_Answer
Level 15
Aug 31, 2022 4:22 PM UTC
You generally need to be able to show your basis in the items or the IRS can simply assign a zero ($0) basis.
Any form of documentation is useful, even pictures of the items.
Note that you cannot deduct a loss on items held for personal use.
