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

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

randwohl
New Member

How do i treat the sale of several guitars that were bought 10 years ago and sold in 2023?

Sold guitars through 3rd part platform Reverb.com. I'm not a dealer and not a business. One was sold at a profit and several were sold at a loss.
Connect with an expert
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 Reply
PaulaM
Expert Alumni

How do i treat the sale of several guitars that were bought 10 years ago and sold in 2023?

Losses on personal property won't be recognized but the gain is. 

 

Enter in the Investment section and choose personal items as your category. Since you know you had losses on several, enter only the one you had a gain. You'll enter its purchase costs, proceeds, etc.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies