Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Aug 31, 2022 1:49:37 PM

How do prevent filing of 1099-K for online Garage Sale Exemptions (NOT capital gains)

I have for decades sold old computers and parts at a loss (after many years as they became obsolete) under the Garage Saleexemptions (no capital gains from selling), but it appears that Paypal/Ebay/and others will be reporting ALL sales to the IRS as if they're gains.. How do I prevent this filing, or record it as NOT a gain before or during tax season?

0 1 533
1 Replies
New Member
Aug 31, 2022 1:51:03 PM

I should specify, My hobby involves often buying many thousands of dollars a year in hardware to use for a few years, but when I'm done, while the items only sell for a few hundred, I easily sell more than 600$ a year of these used items that I'm making a net loss on.