Q. So I am understanding that if we receive a 1099K from paypal that we don't have to include it on our taxes if the price we sold the items for was less than the original purchase price. Is this correct?
A. Yes. It's that simple.
Q. This 1099K form is very confusing. Why doesn't turbo tax have a place for me to report it?
A. A 1099-K can be for any number of reasons, the most common being business and hobby. You are expected to know why you got the money (and the form) and enter it in that place in TurboTax, if it even needs to be entered
The Government rules on expanded 1099-K reporting are new this year. We don't know what the IRS is going to do with them (they will be overwhelmed).
But the bottom line, for now, is: there is no specific place on the tax forms to account for a 1099-K. For a detailed discussion, see this other thread here, in the forum.
https://ttlc.intuit.com/community/taxes/discussion/i-sold-some-personal-items-on-ebay-and-received-a...
