- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
It is best for you to report the amount that is shown on the 1099-K on your tax return. If you report an amount that is less than the amount on the 1099-K, you are more likely to receive a letter from the IRS that you did not report your income in full. They will add an additional tax amount due to the additional income.
To not have this count as income you would need to take a business deduction for the amount you charged yourself, with a receipt for the transaction and what goods or services you received for the amount.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 24, 2020
5:27 AM