Personal Use Property Gains Archives

Knott Learning

US Taxes on Sale of Personal Use Property – New Form 1099-K Reporting Issues

When an individual sells a personal use asset, any gain recognized on the sale is taxable and reported on Form 1040. Losses are not deductible. Payment processing companies are now issuing Form1099-K to report the sale of personal use items.

Jason Knott2024-07-08T15:05:24+00:00Tags: Form 1099-K, Form 8949, Personal Use Property Gains, Schedule D|

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