If this 1099-K is for selling your old personal use property on E-bay, you do not need to report it on your tax return. You just keep that form 1099-K in your tax records for at least three years.
The only exception is when you sold a personal use property which is a collectible at a price higher than what you paid for it. If this is the case, please add a comment and I will guide you further.
If you sold stuff at a price lower than what you paid for it, there is nothing to report.
If this 1099-K is for selling your old personal use property on E-bay, you do not need to report it on your tax return. You just keep that form 1099-K in your tax records for at least three years.
The only exception is when you sold a personal use property which is a collectible at a price higher than what you paid for it. If this is the case, please add a comment and I will guide you further.
If you sold stuff at a price lower than what you paid for it, there is nothing to report.
Some of the items I sold were for more than I paid. Most of the items I bought years ago and don't know what I actually paid for them. I would have to say that I made some profit on them, but I wasn't actively buying and selling for profit.
For those items that you so;d at a profit, you have to report the profit which is taxed as capital gains. Instead of listing individual items, you can make a list that you keep and enter the total in TurboTax.
To report the items sold at a profit, follow these steps:
• In TurboTax, open your tax return
• Click on Federal in the left-hand column, then on Wages & Income on top of the screen
• Scroll down to All Income, locate the section Investment Income and click on Show more
• Click Start next to Interest on Stock, Mutual Funds, Bonds, Other
. Answer Yes on the next screen, then on the following screen choose Personal Items (see screenshot added to the main answer).
. Follow the interview to enter your information.
Some of the items sold on Ebay were collectibles sold for above purchase price.
As @MinhT stated, report the profitable sale of collectibles as the sale of an investment. If you had owned them for 1 year or more, the profit (gain) will be taxed at a lower rate than your 'ordinary' income.
To report the items sold at a profit, follow these steps:
• In TurboTax, open your tax return
• Click on Federal in the left-hand column, then on Wages & Income on top of the screen
• Scroll down to All Income, locate the section Investment Income and click on Show more
• Click Start next to Interest on Stock, Mutual Funds, Bonds, Other
. Answer Yes on the next screen, then on the following screen choose Personal Items (see screenshot added to the main answer).
. Follow the interview to enter your information.