Hi, this is the first time I received a 1099-k and all of it is from the sale of my old clothes, shoes, etc. I got to the section in TT where I enter in the revenue, original cost, and Sales expenses not report. I understand I have to enter each transaction separately but I need help making sure my numbers are correct and have questions.
Question 1: the 1099-k says $3000 but $350 was cancelled sales. I checked the box and put $350 overstated, is that correct?
Question 2: In the "Investment Income" sales section of TT, I have proceeds totaling $2,120 ($2,650 the correct amount minus 20% that Poshmark takes) = is the "proceeds from sales" of $2,120 correct from my example.
Question 3: "Adjustment" - is this the difference between the original amount paid (Cost Basis minus the Proceeds from sales)
Questions 4: the last screen asks: "I paid sales expenses that aren't included in the sale proceeds reported on the form" = would this be where I put the 20% Poshmark takes? (I don't have any other sales expenses to report because I recycle boxes and bubble wrap, so do I put zero here?)
Question 5: If the answer is no to Question 4, is there a place where you put the 20% Poshmark takes? I ask this because the 1099k states $3000 which is already overstated by cancelled sales and I didn't make $3000, my sales were $2120.
Thank you
