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You should make a "good faith effort" to ascertain the Fair Market Value (FMV) of the personal items you sell at a profit (for more than you originally paid for it). Do you know what a similar item may be worth? E.g., a 32" TV is about $150 at a big-box store.
Please read this TurboTax FAQ for more information about selling personal items: https://ttlc.intuit.com/replies/3995054
Please read this TurboTax FAQ for more information about how to report investment sales: https://ttlc.intuit.com/replies/4790340
Unless... you sell items online as a business. Then you would report this income, expenses, etc., on a Schedule C.
To enter/edit Schedule C (self-employment):
1. Open your return (or continue if open).
2. Type “schedule c” (upper-case works too) in Search box (upper right-hand corner of the screen)
3. Click on “Jump to schedule c” link.
4. Answer screen interview prompts.
How do I determine cost basis on an old item I sell on line if I don’t know what I paid for it
My brother died about 5 years ago and I have thousands of books he collected. I have been selling them on EBay. Since EBay is an online auction house, and books haven’t appreciated much (if at all) can I assume my cost basis is equal to what the market will pay? Sometimes I negotiate a lower price or discount batch prices.
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