1099k

[ms856nick]

Client received a 1099 K from Ebay for $63,000 for sales of his collectable t shirts. He purchased them many years ago and figures he spent $25,000 on them. He does not have documentation.  He is not a business so if I put this on Schedule d, do I have to report each month as he has sales thru the year or is there a easier way to do this. thanks in advance for your help

[Accountant-Man]

I take ut back if his purchases were investments. Then Schedule D.

Show all at once.

[GodFather]

Wouldn't the sale of those shirts constitute a business to some degree?

[ms856nick]

This is the only time he will be selling his personal stuff. So I thought since there would not be any more 1099K's from ebay it would not be a business. He is disabled and moving to assisted living, so he is just getting rid of them.. Yes i thought business at first, but since he is not in the business of selling items that's when I went to schedule d

[TaxGuyBill]

He is selling his personal collection.  That goes on Form 8949/Schedule D.

But I'm unsure if it needs to be categorized as a "collectible" or not.

[ms856nick]

ok  schedule D  it is.  As always thank you all for your help and direction.. So looking forward to April 18th.