1099-K
Good Afternoon
I read your column from 2/20/22 about 1099-K. I am using EBay as a way of downsizing, like a garage sale. Items that I am selling have been accumulated over 70 plus years. I have no receipts to back up the cost, some items have the original purchase price-magazines. Where would I list the 1099-K and how would I determine my cost of goods sold?
Thanks
Tom Seputis
Terry Says
This is going to be a tough one — and I’m sure the IRS will issue rules when those 1099ks start coming out next year at this time. I’m pretty sure they will have a miscellaneous column for household items being sold for below their original cost. But we will have to wait and see how they do this.
Just keep good records of the items you are selling. And, of course, eBay will send you that 1099k, which might have specific sales prices. You probably have pictures of all of them, demonstrating that they are “used”.
Unless you sell something for a really high price and have to specifically figure out the cost, I’m sure they will make it easier than it sounds now.
