Not sure exactly what happened. Do you mean that you reported the 1099-K income in
- Box C, or
- Schedule C Profit or Loss From Business?
Please clarify.
Have you viewed the tax return to see where the 1099-K income has been reported?
You want to report the 1099-K income even if you later reverse the entry. Make sure that you retain any information about the items sold should you be required to demonstrate to the IRS that this is not taxable income.
@c_man99
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