Paypal question

[mert35xx]

I sold items on paypal in 2020, but not enough to get a 1099 form.  What information do I need to report, and how do I get that information?

Also, where do I enter that Information on Turbotax?

[DawnC]

It depends.  Did you sell item for your business or did you sell personal items for a gain?     A Tax Filing Factsheet for eBay Sellers   This applies to other platforms as well, not just E-bay!  

[mert35xx]

I had purchased some trading cards from places like Walmart , Target, etc., and sold some of the extras I had to cover what I was keeping.  I think my total sold was about $3300 in 50 or so transactions. I wouldn’t consider it a business.  I only did it for about 2 months.

[gloriah5200]

So, you could consider it a hobby or just sales of personal property? Was this a "one-time" event or will you continue to buy and sell baseball cards as a hobby or business?

If you consider it a hobby, then you would include the income on the other income line of your return.

However, IRS would consider this the sale of collectibles and the sale of collectibles is considered a capital gain/loss situation.

Please refer to the following link for additional information:
Sale of collectible baseball cards

[mert35xx]

I would consider it a one time event.

[DawnC]

If it was a one-time event, you can enter the income as an investment sale as per the link above.  Enter the income as proceeds and enter the amount you paid for the items as the basis. 

You can enter this info in the investment section of TurboTax. Select the product you’re using for the right instructions.   

Note: To report investment sales, you’ll have to use TurboTax Premier, TurboTax Self-Employed, or TurboTax Home & Business.

TurboTax Online

TurboTax CD/Download