Client received a 1099 K from Ebay for $63,000 for sales of his collectable t shirts. He purchased them many years ago and figures he spent $25,000 on them. He does not have documentation. He is not a business so if I put this on Schedule d, do I have to report each month as he has sales thru the year or is there a easier way to do this. thanks in advance for your help
I take ut back if his purchases were investments. Then Schedule D.
Show all at once.
This is the only time he will be selling his personal stuff. So I thought since there would not be any more 1099K's from ebay it would not be a business. He is disabled and moving to assisted living, so he is just getting rid of them.. Yes i thought business at first, but since he is not in the business of selling items that's when I went to schedule d
He is selling his personal collection. That goes on Form 8949/Schedule D.
But I'm unsure if it needs to be categorized as a "collectible" or not.
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