Selling Personal Items including Art on Ebay

[amstar23]

I know things have changed with IRS in the last couple of years. I want to be prepared for this year 2023's information for filing next year.    I am selling personally previously purchased  items  ( including my purchased art ) on Ebay.  When I file my taxes, because I am retired and fully own my own home, I use the Standard Deduction.  Since Ebay will be sending me a 1099K, I understand I will need to list my income from Ebay when I file for this year in 2024.   But everything I have sold, and will sell, will be at a loss.  Is there a way to note that (deduct it) so it won't look like I made a lot of money?   Would I have to itemize my deductions instead of taking a standard deduction?

[rjs]

As a general rule you have to report all your income, whether or not you get a 1099-K. However, if every sale is at a loss, and you do not get a 1099-K, you do not have to report it at all.

If you do get a 1099-K, there is a way to show on your tax return that it was for personal items sold at a loss, so there is no income. This is an area that is undergoing some changes, so I suggest that you check back here for instructions on exactly how to do it after the 2023 IRS instructions have been published and the TurboTax software for 2023 has been released.

The means of eliminating the income on your tax return is not a deduction. It has nothing to do with taking the standard deduction or itemizing deductions.

Are you really selling works of art for less than you paid for them? I would normally expect works of art to increase in value over time.

[amstar23]

Oh, thank you for the fast reply!   I will wind up getting a 1099K from Ebay, because they will not know it is a loss for me.  And yes, unfortunately I bought art at an online auction and of course the appraisal shows one price, but anything is only worth whatever you can sell it for.  So, yes, a loss, unfortunately.  Thank you again.