I sold a bunch of equipment from my racing hobby. Compared to what I originally paid for all of these items it is a big loss. Do I owe taxes on this sale?

Not if these were personal use items and you had a loss on the sales of the items.

No, you won't owe any taxes. However, If you received a 1099-K for personal items sold at a loss, you are still required to report the 1099-K. You'll get to offset the income for this sale.

 

Where do I enter form 1099-K?

What is Form 1099-K?

I received the funds through a wire transfer, will this trigger a 1099-k, or do I need to report in some other way?

If the purchaser of your equipment is sending you a 1099-K, you should receive it by January 31st.

 

If you didn't receive over 20K in over 200 transactions, the payor is not required to send you a 1099-K, although they may still do so. 

 

If you do receive a 1099-K then enter it in TurboTax per the instructions.  

 

You can type '1099-K' in the Search area to get to this section.

 

If not, here's How to Report the Sale of Personal Property in TurboTax.