Sell my junk online

[Mtaxs03]

Should I report income if I sold my used clothes/ goods online when I did not make any profits at all? Let say I purchased a bag for $200 and I used it for 3 years and I sold it online for $30. Should I report the income on top of my work income?

[LoriLeighEA]

@MTax,

Here is the updated information about online sales for tax year 2023:

https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-tax-filing-factsheet-for-ebay-sellers/L...

Check this over and see if it answers your questions - you can chat back if you need further information.

[LoriLeighEA]

 If your online auction sales involve used items and are the equivalent of an occasional garage or yard sale, you generally don't have to report income from those sales, especially if you are selling the items for less than you paid for them.

[Mtaxs03]

What if I made more than $10k in sales and received 1099 form, do I still need to report the income?

[LoriLeighEA]

yes you would need to report that @Mtaxs03 .