How do I determine the cost basis of old personal items that I sell online for which I don't have receipts and have no idea of what I paid for them.

[mike25]

I am selling old collectable items from the 1960s--political campaign buttons I acquired. There was little (.25) or no cost back then, but many have a FMV of $5-10 that I use to determine the selling price. How do I determine a cost basis? If the FMV when I listed for sale is 5.00 and I sell it for 5.00, how do I account for that?

[TomK]

Calculating cost basis takes into account when you acquired the item.  E.g., If it was inherited, then your cost basis is the FMV on the date when it passed it you.  If you bought it yourself, then that obviously is your cost basis.  If you acquired it as a child, then its cost basis may be $0 as you indicated.

[TomK]

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.

[Robynts]

How do I determine cost basis on an old item I sell on line if I don’t know what I paid for it