1099K reporting of personal items - no known purchase date

[b4924]

Does anyone know how to fill out the 8949 form when selling personal items on eBay which resulted in some gains, but you don't know the purchase date (items you have owned for 20-50 years)?

What do you put in the acquisition date field?

Also, do you list each sold item on the 8949 form?  Say you sold 50 items, do you need 50 lines on the 8949?

[mam98031]

Did you read the instructions for the form?  That is likely a great place to start.

https://www.irs.gov/pub/irs-pdf/f8949.pdf

https://www.irs.gov/instructions/i8949

https://www.irs.gov/pub/irs-pdf/i8949.pdf

[silverstatetreasureboxes]

@b4924 

I think your making this hard on yourself. Occasionally I run across something from my personal collection that I sold but I don't have the receipt so this is what I do.

      Take your Lionel trains you sold for instance.  Write on a piece of paper a rough estimate of year ( 1970).

    Personal collection Lionel trains and accessories 15 qty circa 1970. Estimate value 2023 is $1000 (source ebay solds). 

     Sold value 2023 13 qty is $xxxxx .

It's impossible to produce every receipt for everything you purchased in your lifetime. Just do the best you can.

[b4924]

Thanks.  I have read them.  Unfortunately, they seem to mostly address 1099-B items or other things like that.

[lacemaker3]

With capital gains, if you sell something that you have owned for less than a year, it is treated differently than if you had owned it for longer than a year. The most important thing about the date of acquisition is to determine if you have owned it for more or less than a year. An estimated date is fine for things that you have owned for more than a year because it doesn't matter exactly how long you have owned it.

[b4924]

Thanks.  You're right.  When you buy things for personal use, not intending to sell, you don't keep every receipt forever.

So, it sounds like you make your best guess on purchase date.

[b4924]

Ah, yes.  Thanks!  Everything is WAY over a year.

[mam98031 · Accepted solution]

https://community.ebay.com/t5/Announcements/eBay-and-TaxAct-partner-to-help-you-navigate-new-Form-10...

https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses

https://www.irs.gov/businesses/gig-economy-tax-center

https://pages.ebay.com/seller-center/service-and-payments/2022-changes-to-ebay-and-your-1099-k.html

https://www.irs.gov/pub/taxpros/fs-2022-41.pdf

[b4924]

Thank you.  Lots of good links.

[mam98031]

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@b4924 wrote:

Thank you.  Lots of good links.

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I'm glad I could help.  Let us know if you have any other questions.