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February 14, 2025
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Selling trading cards at a loss

  • February 14, 2025
  • 1 reply
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I played Magic the Gathering for several years and quit a few years back.  I recently needed to renovate my bathroom and sold my collection to a vender for slightly under 15k. Since I sold to a vender they bought my cards at roughly 50% value on the cards.  I still have my recipes from over the years showing that I paid more for the cards than what I sold them for.  I received a 1099-k for what was sold.  How do I report the sale of these cards and since I can prove that I sold these cards for less than what I paid, can I deduct what I paid for these cards as a loss?

Thank you.  

Best answer by Vanessa A

Yes, you can deduct the amount you paid for the cards.

 

You would enter the sale of the cards on the 1099-K by clicking the following:

  • Federal
  • Income
  • Show More next to Other Common Income
  • Start next to 1099-K
  • Select Personal Item Sales
  • Enter the info from your 1099-K
  • Select All items were sold at a loss or had no gain

*Please note some users may have a slightly different navigation experience*

1 reply

Vanessa AAnswer
February 14, 2025

Yes, you can deduct the amount you paid for the cards.

 

You would enter the sale of the cards on the 1099-K by clicking the following:

  • Federal
  • Income
  • Show More next to Other Common Income
  • Start next to 1099-K
  • Select Personal Item Sales
  • Enter the info from your 1099-K
  • Select All items were sold at a loss or had no gain

*Please note some users may have a slightly different navigation experience*

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