In 2021, I sold some used electric trains that I inherited. I sold them on eBay. I didn't sell enough to get a 1099-K. I am not a business, just selling these personal items. Where in TurboTax can I record this sale other than self-employment. I also sold the house and a vehicle from the same inheritance. Can I record the trains and truck sale where I recorded the sale of the house, which was in the Stocks, Crypto, Investmtents, Other, etc. section of TurboTax?
Yes, that is where you would report the sales.
Since you inherited these items, you can use the word "Inherited" as the date acquired. That automatically make the transaction long term, even if you owned it less than one year.
Your basis is the value at the time of the original owner's death.
Yes, that is where you would report the sales.
Since you inherited these items, you can use the word "Inherited" as the date acquired. That automatically make the transaction long term, even if you owned it less than one year.
Your basis is the value at the time of the original owner's death.
If sold for than less value than at acquisition (highly likely), no need to report at all. Inherited items are valued as of date of death. Similarly applies to truck sale. House is slightly different: If a Form 1099-S was part of the sale, you have to account for proceeds. Same premise applies: Difference between value at DOD and sale is your gain or loss. IRS Form 8949 applies in all aforementioned cases; 'Inherited' applies to when acquired.
I inherited a few thousand books and my brother died about four years ago. I am selling them on eBay, and I also have shipping box expenses. How do I account for this?
Sale of personal items may be reported on Schedule D IRS form 1040 and Schedule 8949.
Personal items sold for less than their cost basis (most likely, the fair market value of the item on the date of the owner's death) report $0 capital gain on line 7 of the Federal 1040 tax return.
Personal items sold for more than their cost basis report the gain on line 7 of the Federal 1040 tax return. See this example.
Selling Cost
Price Basis
Item 1 $500 $2,000 Capital loss on personal item = $0 loss
Item 2 $400 $300 Capital gain on personal item = $100 gain
Item 3 $100 $100 No capital gain or loss
$1,000 $2,400
In TurboTax Online, to report such a sale of personal items, follow these directions.
Shipping costs may be recorded at the screen Let us know if any of these situations apply to this sale under I paid sales expenses....
See also this TurboTax Help.