I need to adjust the $21K 1099-K (Payment Card and Third Party Network Transactions) Gross amount to account for my selling expenses (Ebay and Paypal) and to reflect my actual cost for these 168 items. I do not have a business (Schedule C) and do not want to file using the customary 1099-K route. Are there any other options to account for this 1099-K income ? Greatly appreciate any help.
I saw your great response below, and when I started to go the Option 1 route, when I got to this step (shown below), I could not "enter an adjustment to reflect the cost of these items as an offsetting, as a negative amount up to the amount of the income". Please help !!!
Enter the applicable description and amount and Continue
- First, enter the income 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, as a negative amount up to the amount of the income. In other words, if the goods cost you $100 and Form 1099-K was for $10 in sales, the maximum cost allowable would be $10.
