This is NOT correct TT: Per the IRS website, all income reported on a 1099-K must be reported:
"No matter the amount of reported payments, if you receive payments for selling goods or services, you must report all income on your tax return."
AND:
Personal items sold at a loss
A loss on the sale of a personal item can't be deducted from your taxes. But you can zero out the reported gross income so you don't pay taxes on it.
If you sold items at a loss, which means you sold the items for less than you paid, there is no tax liability. You have 2 options to report the loss:
This is dangerous telling folks that they do not have to enter the form. That is simple untrue.
