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billycee
New Member

I sold a 40 year old musical instrument for about $700 more than my parents paid for it when purchased for me as a child. How do I report this sale?

 
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maglib
Level 10

I sold a 40 year old musical instrument for about $700 more than my parents paid for it when purchased for me as a child. How do I report this sale?

To reports gains/losses allowed go to type "Investment Income" without the quotes in the search box, select "Investment Income, gains & Losses" and choose to JUMP TO,  It will ask if you sold any invesments, say yes, select NO to the 1099-B question, Choose "Personal Items" as the category then enter the information.

I hope this was helpful?

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
maglib
Level 10

I sold a 40 year old musical instrument for about $700 more than my parents paid for it when purchased for me as a child. How do I report this sale?

To reports gains/losses allowed go to type "Investment Income" without the quotes in the search box, select "Investment Income, gains & Losses" and choose to JUMP TO,  It will ask if you sold any invesments, say yes, select NO to the 1099-B question, Choose "Personal Items" as the category then enter the information.

I hope this was helpful?

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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