hoytfam
New Member

Get your taxes done using TurboTax

The comment to report the 1099-K as "hobby income" isn't very helpful, i.e. the 1099K says $8,000, but your expenses were $3,000. By reporting the $8,000 as the 1099K amount, won't I have to pay taxes on the full amount? How do I deduct the $3,000 in expenses (ebay fees, shipping, etc.)