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February 6, 2025
Question

How do I report gains on the sale of personal items?

  • February 6, 2025
  • 1 reply
  • 0 views
Over the past year we have sold some personal items acquired over the past 50 years. Half were sold at a loss and half at a gain. How do I report the gains?

    1 reply

    Employee
    February 6, 2025

    The losses don’t have to be reported since a loss on personal items is not deductible. The gains are reported on Schedule D.