1099k Do losses not offset a one off gain? | Selling

marsalnj348 · 2023-02-03T04:26:18.283000Z

I've read aot about the new 1099k.. Not a huge big deal since I'm just selling my crap on eBay that's clutter, but still got use for someone. I'll literally sell something for $10 and consider it lunch money... One thing that strikes me as odd, and which I'd like to confirm or hear thoughts. Say I sell 2 Nintendo Switch games. One I sell for $10, lost $40 bucks on it. Another I sell for $60 and make $10 (forget about fees in my simple case). Do I need to pay tax on $10 without any offsetting benefit from the $40 loss. If this is true, wow, that's really lopsided against the seller. And also, unlike capital gains on stocks where possess offset gains in a calendar year. thanks.

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1099k Do losses not offset a one off gain? | Selling | eBay Community