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Form 1099K

Filed my taxes in early February - I received a 1099k from Poshmark for the sale of many personal used items (clothes) I sold last year because I lost a lot of wright. I reported it on the intuit turbotax software I was using - answered the questions saying it was personal used items - unfortunately when I looked at my completed tax form the amount was nowhere to be found - I understand there’s no tax liability if the items were personal and used but I am concerned the IRS will come after me for not reporting the amount to them - should I amend my tax form  (I already received a small refund) or should I wait and see if the IRS asks me to amend my return ?

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1 Reply
DawnC
Employee Tax Expert

Form 1099K

No, don't amend your return.   Just keep records of items you sold at a loss in the unlikely event of an inquiry.   If the amount on the 1099-K was for personal items sold at a loss, the amount is not reported on your tax return, so you don't need to amend.   

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