2768292
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

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

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. 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

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.

View solution in original post

1 Reply

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.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question