How to enter income selling personal items with NO 1099-K

Forum|Forum|1 year ago
March 24, 2025
2 replies
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I made a profit of ~$500 selling personal items on depop. This is over the reporting threshold, but not high enough to receive a 1099-K.

What is the correct way to report this income?

Not A Product Question

Vanessa A

To report this income from selling personal items you would enter it in the investment income section by selecting the following:

Federal
Income
Show More next to Investment Income
Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Select Other
Continue through and select personal property for the type of investment
Answer how you obtained it
You will need to enter the selling price, dates and the cost basis

Note, your navigation sequence may be slightly different. You can also use the Jump to feature by entering investment sale in the search bar at the top of the screen.

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TooManySecretsToTell

I'm sorry. It says elsewhere that you list this all on schedule C as a business. Can you clarify?

JamesG1

In TurboTax Premier Online, report self-employment income and expense by following these directions:

Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Click on the drop down arrow to the right of Self-employment.
Click to the right of Self-employment income and expenses.
At the screen Tell us the type of self-employment work you do, enter the answer and click Continue.
Establish the self-employment activity and report the income and expense.

See this TurboTax Help.

@TooManySecretsToTell

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Mike9241

assuming these are casual sales - you are not in the business of selling personal articles - these are capital transactions reported on form 8489/schedule D. If you sell for more than your cost basis, you have a capital gain. If you sell for less than your basis, you have a non-deductible loss.