I sold "2" items on ebay $550/each total reported on 1099-K $1,100. After ebay fees and the cost to buy the items $463/ each, real net profit for one is $87. Total real income, a whopping $174. I've been reading an ENTIRE section about this new 1099-k reporting and it's confusing and out of control (probably IRS intentions). How do I report this in TT Delux Desktop ? "Wages and Income - > Common Income - - > Income from form 1099-K --> $1,100, click done. Next, go to Less Common Income - - > 1099-A, 1099-C, learn more - - - > Miscellaneous Income - - - > Other Reportable Income - - - - > Description Incorrect form 1099-k (COGS) (Note: I'm not including shipping, tax, advertisement) enter a negative $926 i.e. -$926. All of this shows up on line 8z Schedule 1 and line 8 on the 1040 tax return, done deal? This seems like a LOT for only $174, to the point of not even wanting to sell anything any longer. :(
Please help, I'm reading about capital gains tax, blah blah (for $174??? ) :(
