I casually sold personal items on Reverb and eBay, but did not meet the reporting threshold and thus did not receive a 1099-K for either site. However… "Even if you don't receive a 1099-K, or you make less than $5,000, you still need to report all taxable income to the IRS.” How would I enter this without a 1099-K? I have looked at entering a 1099-K and it does require a Filer name and TIN which I do not have without receiving a 1099-K. Should I enter this in a way not using the 1099-K? If so, how would I account for expenses like packaging, fees, etc? Would any of these personal sales need to be reported if these are at a loss?
Personal sales at a loss do not need to be reported, as they are nondeductible personal losses. They cannot offset capital gains, either. You have a loss if your sales price is less than you paid for the personal item. Unreimbursed shipping costs also reduce your gain. So you only need to report items that have increased in value on your tax return. You can report them on Schedule D if you do not have a 1099-K. See the IRS website at www.irs.gov/taxtopics/tc409?form=MG0AV3 for further discussion.
Personal sales at a loss do not need to be reported, as they are nondeductible personal losses. They cannot offset capital gains, either. You have a loss if your sales price is less than you paid for the personal item. Unreimbursed shipping costs also reduce your gain. So you only need to report items that have increased in value on your tax return. You can report them on Schedule D if you do not have a 1099-K. See the IRS website at www.irs.gov/taxtopics/tc409?form=MG0AV3 for further discussion.