It depends. If you were selling personal goods, then the cost can be included only up to the amount of the sale.
If you were in the business to make a profit, even though there was a loss, report this income as business income & expenses. It is not necessary to register a business to report it on your personal return. TurboTax will use Schedule C to report this business activity.
To do this in TurboTax, follow these steps:
- From inside TurboTax, enter schedule c in the search box.
- Select the Jump to link in the search results.
For more information, see: How do I enter a 1099-K in TurboTax Online?
