Thanks for this. I do NOT operate a business. To clarify, the items sold are items that I am getting rid of from my home, such as selling old clothes or old electronics. My brother gifted me the laptop for a birthday years ago, I used it for personal use (school etc), and sold it this year so that I could buy a new laptop. I never paid for the laptop, but I kept the money from the sale.

Everything sold was for personal use (laptops, earbuds, clothes, appliances, etc) and nothing was used for business. I think I confused Schedule C and Schedule D in my post.

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>You cannot take a capital loss on personal property, so you’ll have to adjust the gain/loss to $0 for that sale on schedule D.

This was more my question: not can I factor in a loss, but is there any profit in the sale even if I never paid for the sold item originally. It sounds like it would be $0 then.

I see. So basically I did not gain and therefore don't show a profit on this sale?

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Edit: The state is VA

This is what I've heard too, but am unsure how to verify this.

>As a result of this delay, which follows over a year of eBay Government Relations advocacy on behalf of the eBay community, only sellers who: 1) exceed the previous threshold of $20,000 and 200 transactions, 2) that were subject to backup withholding or, 3) whose states of residence have a lower reporting threshold will receive a Form 1099-K.

I am in a state whose reporting threshold is $600, so I think this still applies to me?

eBay issues a 1099 for sales more than $600, which I have significantly gone over. I have to report this income to the IRS in 2022. My question is regarding how to determine cost basis for old gifted items that I have decided to sell.

I sold personal items (laptops, phones, clothes, etc.) that I used in my apartment. I sell as a hobby, but made a few thousand dollars in sales this year.