- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
In your case what you need to do is treat this business as though it has two income streams. First is the income that you receive from followers and affiliates, etc. that you are already reporting. Second is a sales job on Amazon and eBay.
You should create a second schedule C for the sales of inventory. Then you will run it - on paper at least - as though you had a store. You purchase inventory and that is an expense. You sell that inventory and that is a profit. You pay for shipping and that is an expense. And so on.
You'll enter the 1099-K exactly as you received it for 2024. Then you will enter the actual cost of all of the items that you sold in order to earn the money on the 1099-K. You will also enter any related expenses. Based on what you've written here this will probable result in a net loss for the year which will help offset some of the money you earned from your main income stream.
**Mark the post that answers your question by clicking on "Mark as Best Answer"