I live in Massachusetts so my threshold in which paypal sends the 1099k is $600/year.
I got a 1099-k and do not know how to file this. I understand I will need the more expensive version of turbotax
Basically, the money I received came from selling stuff online in facebook hobby group. All the items I sold were sold at a loss (in comparison to original purchase price), even though I don't have receipts to prove that
How would I go about filing this? I've only ever dealt with a regular W2 from employment income so this is all completely new to me. I don't understand terms like schedule C or wash sale and other more complex tax terms
If anybody could explain how this is done, that would be greatly appreciated and would also help hundreds of others who will browse the forum searching for help
Thanks!!
