eBay sent me a 1099K even though I was under the 20K limit. I believe this was because I live in IL that has a $600 reporting threshold.
I sold $1526 in new motorcycle parts for a loss on Ebay so from what I have read I can simply report this on schedule 1 line 8z as such:
Ebay 1099K sales $1526
Ebay 1099K sales loss $ -1526
This will zero out the income and will show the 1099K is acknowledged but all items were sold as a loss.
When I entered the 1099K, TurboTax did what I described above on Schedule 1 line 8z. It shows up this way when I view the Schedule 1 form in TurboTax. But when I print a PDF of the return, the Schedule 1 line 8z only says “See Stmt” with a 0 amount listed which doesn’t seem very informative.
I am not sure why I am seeing two different entries for the same line 8z on the form in the app vs the PDF. I want the information listed on line 8z to indicate the 1099K is acknowledged. I see a 1099K Summary form and a Schedule 1 “other income statement” form with the $1526 noted but I don’t know if these forms are sent to the IRS.
Why is there a difference between what the app and the PDF show and which version will the IRS receive?
