kelly040
New Member

I received a 1099-k from PayPal for $2000.00 (in VA). This was from selling used personal items that I sold for less than I paid. What do I do with this 1099-k? Help!!

This is not a personal business. I am just selling things my daughter has outgrown to fund new items. I am at a loss of what to do!
PattiF
Expert Alumni

Get your taxes done using TurboTax

These are the instructions on how to enter information in the program when household goods were sold at a loss and you receive a 1099-K:

 

  • From the left menu, go to Federal and select the first tab, Wages & Income
  • Add more income by scrolling down to the last option, Less Common Income, and Show more
  • Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start
  • Choose the last option, Other reportable income and Start and Yes
  • Enter the applicable description and amount and Continue
    • First, enter Form 1099-K as received. It is essential that the full amount be entered.
    • Next, enter an adjustment to reflect the cost of these items as an offsetting, negative amount.

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