I have been cleaning items out of my house (not a hobby, not a business) and sold some items last year on eBay that resulted in me getting a 1099-K from them. I have been reading that I likely will not have to pay taxes on the income because it was sold at a loss. How do I enter that information on Turbo-tax? thank you
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Yes, you are correct. You do not have to pay taxes on personal items sold at a loss. You don't need the exact cost basis because personal losses aren't deductible.
Here is how to report this in TurboTax Online:
Thank you for that. I appreciate the help.
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