Received 1099k from eBay for sales of toys and collectibles from my personal collection (many first bought a decade or more ago). Don’t have individual purchase/sold date

[amybri617]

Just getting rid of things, much like a garage sale, don’t have individual item info.

[JamesG1]

Recreate the record of the eBay toys and collectibles sold.  Fortunately, the items are more than a year old and qualify as capital assets held long-term.

You are reporting sales as personal item sales and you will be reporting the entries on IRS Schedule D.  You have many items but only three kinds of transactions.  See this example.

                           Selling           Cost

                           Price              Basis

Tix 1                   $500              $1,000        Capital loss on personal item = $0 gain/loss

Tix 2                   $400               $300          Capital gain on personal item = $100 gain

Tix 3                   $100               $100          No capital gain or loss              = $0 gain/loss

                            $1,000           $1,400

In TurboTax Online, report Personal item sales, follow these directions.

• Down the left side of the screen, click on Tax Home.
• Click on the down arrow to the right of Review.
• Click on the blue band labeled Review.
• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Scroll down to Other Common Income click on the dropdown menu.
• Click Start to the right of Form 1099-K.
• At the screen Did you get a 1099-K?, select Yes.
• At the screen How would you like to upload your 1099-K? click Type it in myself. 
• At the screen Which type of income is your 1099-K for, select the button for Personal item sales.  Click Continue.
• At the screen Let's get the info from your 1099-K, enter the information.      Click Continue.
• At the screen Personal Item Sales, you are told that further information will need to be entered.
• Because $600 of the selling price will not be reported, enter $600 under I sold some items at a loss or had no gain. 
• Learn More provides detailed information for the next steps.  Click Continue.
• At the screen Your 1099-K summary, notice that the income relates to ‘Personal Items’.  Click Done.
• At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….).  Click Add/Edit.
• At this screen, you will be asked to Review the Personal item sales (1099-K).  Select Review.
• At the screen Now, enter one sale…., answer questions about the personal item sale.  
• Because you are only reporting the gain transaction, report $400 as Proceeds and $300 as Total amount paid.
• Click Continue.
• At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded that are identified in your spreadsheet.

The entry will be reported:

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.

Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.

Collectible may be subject to a higher income tax rate.  See here.

[JamesG1]

Recreate the record of the eBay toys and collectibles sold.  Fortunately, the items are more than a year old and qualify as capital assets held long-term.

You are reporting sales as personal item sales and you will be reporting the entries on IRS Schedule D.  You have many items but only three kinds of transactions.  See this example.

                           Selling           Cost

                           Price              Basis

Tix 1                   $500              $1,000        Capital loss on personal item = $0 gain/loss

Tix 2                   $400               $300          Capital gain on personal item = $100 gain

Tix 3                   $100               $100          No capital gain or loss              = $0 gain/loss

                            $1,000           $1,400

In TurboTax Online, report Personal item sales, follow these directions.

• Down the left side of the screen, click on Tax Home.
• Click on the down arrow to the right of Review.
• Click on the blue band labeled Review.
• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Scroll down to Other Common Income click on the dropdown menu.
• Click Start to the right of Form 1099-K.
• At the screen Did you get a 1099-K?, select Yes.
• At the screen How would you like to upload your 1099-K? click Type it in myself. 
• At the screen Which type of income is your 1099-K for, select the button for Personal item sales.  Click Continue.
• At the screen Let's get the info from your 1099-K, enter the information.      Click Continue.
• At the screen Personal Item Sales, you are told that further information will need to be entered.
• Because $600 of the selling price will not be reported, enter $600 under I sold some items at a loss or had no gain. 
• Learn More provides detailed information for the next steps.  Click Continue.
• At the screen Your 1099-K summary, notice that the income relates to ‘Personal Items’.  Click Done.
• At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….).  Click Add/Edit.
• At this screen, you will be asked to Review the Personal item sales (1099-K).  Select Review.
• At the screen Now, enter one sale…., answer questions about the personal item sale.  
• Because you are only reporting the gain transaction, report $400 as Proceeds and $300 as Total amount paid.
• Click Continue.
• At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded that are identified in your spreadsheet.

The entry will be reported:

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.

Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.

Collectible may be subject to a higher income tax rate.  See here.