1099 selling collectibles on Ebay

Umpjason
Umpjason Member Posts: 1 Newcomer
in Live Q/A Event

Hi. I buy and sell sportscards on Ebay as a hobby. I have received notice that I will receive a 1099 this year for the cards I have sold. Can I deduct the value of the cards I have purchased in 2024?

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  • ptaxes
    ptaxes FreeTaxUSA Agent Posts: 15

    Hi! If you received a 1099, and are reporting self-employment income for your Ebay sales, you will need to file a Schedule C for business income. When filing a schedule C, you will report the income from your 1099, and you will also have the ability to enter business expenses here. This will help to reduce the taxable income. To find this in our software, you will go under 'Income' > 'Business Income (Schedule C)'.

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