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1099-K from eBay for items sold at a loss

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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2 Replies
MindyB
Employee Tax Expert

1099-K from eBay for items sold at a loss

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:

  • Within your tax return go to the magnifying glass icon on the top right, type 1099-K and select the Jump to 1099-K link in the search results
  • Choose Add a 1099-K
  • The next screen will ask "Which type of income your 1099-K is for?" choose Personal item sales, then Continue
  • Enter the information from your 1099-K
  • After you choose continue, the next screen will show "Personal Item Sales". Here is where you choose "All items were sold at a loss or had no gain"

 

1099-K from eBay for items sold at a loss

Thank you for that.  I appreciate the help.

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