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Beldorx
Level 2
October 12, 2020
Question

I live in Virginia and started selling some used personal property on eBay/Paypal (like a big garage sale, generally at a loss). How do I file a 1099K that Paypal sends?

  • October 12, 2020
  • 2 replies
  • 31 views
Items have sold for less that $2K total, either at a significant loss or break even.  Likely will be less that $4K for the year.  Do I ignore the 1099K, or put it down twice (once as income and the value again as a cost/loss)?

2 replies

Hal_Al
Level 15
Hal_AlLevel 15
Level 15
October 12, 2020

Q.  Do I ignore the 1099K, or put it down twice (once as income and the value again as a cost/loss)?

A. Either way.

 

For the ignore answer, see: https://ttlc.intuit.com/community/taxes/discussion/received-1099-k-from-reverb-and-paypal-but-sold-only-personal-items-at-a-loss-this-link-suggests-no/00/1031403

 

For how to put it down twice, see: https://ttlc.intuit.com/community/taxes/discussion/do-i-need-to-report-a-1099k-from-paypal-even-if-it-is-under-the-20-000-per-year-and-i-was-only/00/395476

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