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Selling of Sports card Collection and Receiving 1099-K

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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1 Best answer

Accepted Solutions
AliciaP1
Expert Alumni

Selling of Sports card Collection and Receiving 1099-K

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:

  1. From the left menu, go to Federal and select the first tab, Wages & Income
  2. Add more income by scrolling down to the last option, Less Common Income, and Show more
  3. Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start
  4. Choose the last option, Other reportable income and Start and Yes
  5. Enter the applicable description and amount and Continue
    • First, enter Form 1099-K as received. It is essential that the full amount be entered.
      • For a description, include Form 1099-K and Personal Property Sales
    • Next, enter an adjustment to reflect the cost of these items as an offsetting, negative amount up to the amount of the income.
      • For the cost description, include Form 1099-K and Cost of Personal Property 
      • In other words, if the goods cost you $100 and Form 1099-K was for $10 in sales, the maximum cost allowable would be $10.
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5 Replies
AliciaP1
Expert Alumni

Selling of Sports card Collection and Receiving 1099-K

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:

  1. From the left menu, go to Federal and select the first tab, Wages & Income
  2. Add more income by scrolling down to the last option, Less Common Income, and Show more
  3. Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start
  4. Choose the last option, Other reportable income and Start and Yes
  5. Enter the applicable description and amount and Continue
    • First, enter Form 1099-K as received. It is essential that the full amount be entered.
      • For a description, include Form 1099-K and Personal Property Sales
    • Next, enter an adjustment to reflect the cost of these items as an offsetting, negative amount up to the amount of the income.
      • For the cost description, include Form 1099-K and Cost of Personal Property 
      • In other words, if the goods cost you $100 and Form 1099-K was for $10 in sales, the maximum cost allowable would be $10.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Selling of Sports card Collection and Receiving 1099-K

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?

Selling of Sports card Collection and Receiving 1099-K

I understand now. Two seperate entries! Thanks!

Selling of Sports card Collection and Receiving 1099-K

@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. 

AmyC
Expert Alumni

Selling of Sports card Collection and Receiving 1099-K

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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**Mark the post that answers your question by clicking on "Mark as Best Answer"
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