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Thankis81
Level 1

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. 

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Accepted Solutions
tagteam
Level 15

Garage sale items

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.

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1 Reply
tagteam
Level 15

Garage sale items

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.

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