Taxable income not adjusting when a loss is recorded

[Sowers2010]

I didn’t see an option when selecting “business” (I am a used personal item seller) that asks me if I has a gain or loss. All of my sales this year were taken at a loss. When I enter my sales (showing the losses) turbo tax is not adjusting my taxable income. I am recording these sales under investments and savings so I believe I am in the correct place as far as entering my sales. Can someone please help me fix/understand why my taxable income is not being lowered? 

[DawnC]

Losses are personal items are not deductible.  If you are adding them because you got a 1099-K and all of the sales were losses on personal items, you do not need to enter the 1099-K.   You can keep it with your tax records.  See this TurboTax FAQ

[VolvoGirl]

What are you selling?  Are they your own personal items?  Or do you buy them to sell as a business?   If you have a “business” doing it then you should file it on Schedule C as self employment.  Then you can take a loss.  

If you are entering the sales as investments you can only deduct 3,000 per year.  The rest you have to carryover.   So when you enter more than 3,000 of losses it won’t reduce your income any more.