How do I handle the sale of personal items?

It is very common for professional eCommerce sellers to sometimes sell personal items. These sales are not taxable, so it's important to make sure you are handling them properly.

At the present time, we do not have a way to mark individual item sales from online marketplaces as personal. It is something that we plan to look into in the future, but for now, our focus is on helping making sure you are able to write off the correct cost basis of those personal items to ensure no taxable event occurs. The reason we've taken this approach is because each online sales channel reports your total sales on form 1099-K - not just business sales.

To learn more about how you should record cost information for personal item sales, read our in-depth blog post on the subject.