Question

I have over $600.00 gross eBay sales in 2022 from selling only personal items. I'm downsizing. Do I report the proceeds on tax return? 1099-K?

Forum|Forum|3 years ago
August 31, 2022
2 replies
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I am in the exact same situation. I was notified that I will be receiving a 1099-K from Ebay from selling items in order to downsize.

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dom4renee

Likewise, I'm curious about the costs involved in having to complete the 1099-K form. Eg: I sold a bunch of stuff, most of them at a loss so in reality, I didn't make $600 in profit (maybe like $100)... but I'm guessing my accountant will charge me more than this to log & process the items sold.

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LJane29

Hi, the key here is that the IRS will now have this information and they don't know how much profit or loss you had until you report it. TurboTax will help you thru the entries needed (you'll go thru a flow to enter the information a it appears on the 1099K) included guiding you thru how to report the sale of a personal item. Just be aware that the IRS rule is that if it is personal property that you sell at a loss that you don't get to take the loss but sales at a gain are taxes.

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SpecID45xLAuthor

Okay I use turbotax. I have reported 1099-K for the last two years. No problems. [thank goodness for Turbotax.] I just thought with the changes due to the new law how I report would change. For 2022, I can still write off supplies, eBay fees, shipping costs against the gross?

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LJane29

For sale of property, yes. Those are all expenses against the sale. So when you enter the amount there should be a flied where you can enter that and it adjusts the profit/loss on the sale.

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