Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
T
Thankis81
August 31, 2022
Solved

Garage sale items

  • August 31, 2022
  • 1 reply
  • 0 views

What if the items I am selling are old garage sale type items?  I am losing money on them, but don’t have receipts because the items are old and used. Gross receipts of maybe $1,000 for the entire year. 

      Best answer by Anonymous_

      You generally need to be able to show your basis in the items or the IRS can simply assign a zero ($0) basis.

       

      Any form of documentation is useful, even pictures of the items.

       

      Note that you cannot deduct a loss on items held for personal use.

      1 reply

      A
      Anonymous_Answer
      August 31, 2022

      You generally need to be able to show your basis in the items or the IRS can simply assign a zero ($0) basis.

       

      Any form of documentation is useful, even pictures of the items.

       

      Note that you cannot deduct a loss on items held for personal use.

        TurboTax Expert Assist
        TurboTax Expert

        Get answers to all your tax questions

        Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

        Terms & ConditionsCookie settingsAccessibility statement
        Intuit
        TurboTax Credit Karma QuickBooks MailChimp

        ©1997-2022 Intuit, Inc. All rights reserved.
        Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
        of Intuit Inc. Terms and conditions, features, support, pricing, and service options
        subject to change without notice.

        Security Certification of the TurboTax Online application has been performed by
        C-Level Security.

        By accessing and using this page you agree to the Terms of Use.

        Accessibility

        TRUSTe nResult Certified e-File C-Level Security Certification