If you handled the transactions with the intent to earn a profit the IRS would consider you self-employed and you should enter your 1099-K and related expenses as such. See Am I considered self-employed? for more information.
To enter your 1099-K as self-employment income you can follow these steps in TurboTax Online:
- Open or continue your return and select Search
- Search for Schedule C and select the Jump to schedule c
- Answer the questions about your business until you get to the Here's your info screen.
- On the Let's enter the income for your work screen, select Form 1099-K and Continue
- Enter your 1099-K info
- Select Continue when finished and walk through entering your applicable expenses.
Don't forget to review What self-employed expenses can I deduct? to take all the deductions you can.
@jerod_33
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