I have a normal 9-5 Job and sell on ebay items i no longer use for a loss. If i enter the income shown on the 1099-k from paypal in hobbies i actually get a refund. If i enter it in Schedule c i owe money that is without any deductions.
Schedule c has the advantage to deduct things but i do not understand how to do so in my case. For example i bought a $1500 camera lens on Amazon and sold it on ebay for $700.
Is that something that can be deducted? As most of my buying and selling is camera equipment if so how do i enter it?
In Schedule c it ask me what my accounting method is not sure since it is paypal, i click other then type in paypal then enter the income on the 1099-k and check mark the 1099-k box.
After that i get business expenses, cars, trucks, assets and depreciation, all other expenses, home office expenses.
Thanks for the help.
