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March 28, 2023
Question

Sold personal items on garage sell,where do I enter profits

  • March 28, 2023
  • 1 reply
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profit from garage sale, where to add income in turbo tax

1 reply

March 28, 2023

If you sold these personal items for less than you paid for them, you have made a loss on personal items. This loss on personal items is not deductible and is not reported on your tax return.

 

If this is the case, just keep it in your tax records along with any proof that it was for the sale of old personal items.

 

Please read this TurboTax Help topic for more information.

 

If you sold some items at a profit, then you have to report the sale.

 

This is how you do it in TurboTax:

 

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
  3. Scroll down to locate the section Investment and Savings and click on Show more
  4. Click Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other​​​​​​​
  5. Choose Other then click Continue
  6. On the next screen you have a dropdown menu where you can choose the type of property you are selling
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