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Level 1
posted Aug 17, 2021 9:09:48 PM

1099-K REPORTING AND OFFSETTING

Hello,

 

   I have received a 1099-k from PayPal and not sure where to input this. The money is from the sale of personalized/customized Yeti cups and Personalized T-shirts. I spend money on the materials to create these things(cups, t's and vinyl stickers). The link that asked about the 1099-k does not allow me to input this info. Other places I've seen about reporting the sale of personal goods. Only talks about inputting info as if it was a stock. It asked me about a brokerage and only list bank type companies(not PayPal). I do not have an LLC or anything like this. Thank you in advance. 

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2 Replies
Level 15
Aug 18, 2021 4:30:45 PM
Level 15
Aug 18, 2021 4:31:24 PM

You do not enter a 1099-K directly, you enter the income in the area for that type of income.  In your case it is self-employed income and entered on a Schedule C.    You need the Self-Employed online version, or Home & Business desktop version for the schedule C so you can deduct expenses.