I started selling off my sports card collection that I have been collecting for the last 35 years. I have been selling them on Ebay. I received a 1099-K form from Ebay with all of my sales for the year. I am not selling for a business but just moving on from the hobby. Do I need to report this at a Hobby income, miscellaneous income or not report as income at all. Some of the cards have increased in value from the time i have purchase them but most have decreased in value. If I have to report the income, would the cards that loss value offset the cards that increased value?
Thanks!
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You should report this as Other Miscellaneous Income. If your Form 1099-K is for personal items sold, similar to having a garage sale, and you were not in a trade or business, the IRS allows you to also deduct the related expenses for the sale up to the amount of the sale for each purchase transaction.
In TurboTax Online you can follow these steps:
You should report this as Other Miscellaneous Income. If your Form 1099-K is for personal items sold, similar to having a garage sale, and you were not in a trade or business, the IRS allows you to also deduct the related expenses for the sale up to the amount of the sale for each purchase transaction.
In TurboTax Online you can follow these steps:
Thanks for the clarification!
I am not able to enter any 1099-K info under Miscellaneous Income. Just gives me a description and amount option. What am I missing?
I understand now. Two seperate entries! Thanks!
@AliciaP1 I followed this method on my federal and it looks like it took. It then transferred over to my state taxes and am curious if there is a way to write this off in a similar suite like done on federal. The income part transferred to state but I can’t find a place to add a negative amount. I attempted to add a negative number but it was rejected by the state. The state won’t allow a negative number on the other income section.
Some states start with the federal AGI which means it would already be subtracted. Take a look at your state tax form and see if it begins with the federal AGI.
To see your forms:
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