Selling of Sports card Collection and Receiving 1099-K

Forum|Forum|3 years ago
April 16, 2022
1 reply
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I started selling off my sports card collection that I have been collecting for the last 35 years. I have been selling them on Ebay. I received a 1099-K form from Ebay with all of my sales for the year. I am not selling for a business but just moving on from the hobby. Do I need to report this at a Hobby income, miscellaneous income or not report as income at all. Some of the cards have increased in value from the time i have purchase them but most have decreased in value. If I have to report the income, would the cards that loss value offset the cards that increased value?

Thanks!

Best answer by AliciaP1

You should report this as Other Miscellaneous Income. If your Form 1099-K is for personal items sold, similar to having a garage sale, and you were not in a trade or business, the IRS allows you to also deduct the related expenses for the sale up to the amount of the sale for each purchase transaction.

In TurboTax Online you can follow these steps:

From the left menu, go to Federal and select the first tab, Wages & Income
Add more income by scrolling down to the last option, Less Common Income, and Show more
Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start
Choose the last option, Other reportable income and Start and Yes
Enter the applicable description and amount and Continue
- First, enter Form 1099-K as received. It is essential that the full amount be entered.
  - For a description, include Form 1099-K and Personal Property Sales
- Next, enter an adjustment to reflect the cost of these items as an offsetting, negative amount up to the amount of the income.
  - For the cost description, include Form 1099-K and Cost of Personal Property
  - In other words, if the goods cost you $100 and Form 1099-K was for $10 in sales, the maximum cost allowable would be $10.

AliciaP1Answer

In TurboTax Online you can follow these steps:

From the left menu, go to Federal and select the first tab, Wages & Income
Add more income by scrolling down to the last option, Less Common Income, and Show more
Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start
Choose the last option, Other reportable income and Start and Yes
Enter the applicable description and amount and Continue
- First, enter Form 1099-K as received. It is essential that the full amount be entered.
  - For a description, include Form 1099-K and Personal Property Sales
- Next, enter an adjustment to reflect the cost of these items as an offsetting, negative amount up to the amount of the income.
  - For the cost description, include Form 1099-K and Cost of Personal Property
  - In other words, if the goods cost you $100 and Form 1099-K was for $10 in sales, the maximum cost allowable would be $10.