Question

I received a 1099-K for under $2K for selling unused items, we don't have a stand alone business. It was a one-time shot, do we need to include it as if it was a business

Forum|Forum|5 years ago
January 30, 2021
1 reply
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Sold old saddle and items for a horse that passed away and didn't have a further use for.
Both are full time employed at businesses (received W-2s)
1099-K under $2K
Not a business, dont intend it to become one, just a one time sale

TurboTax Deluxe Online

M

MAK70

Technically, this would be the sale of personal property.

Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain. Loss from the sale or exchange of that property is not deductible.

You can enter in TurboTax under Investment Income- Stocks, Mutual Funds, Bonds, Other. Your basis in the property is the amount you paid when you bought it.