@FlaSteve Since you say "I intend to pay taxes on the entire amount" "I am considering all to be profit and will therefore need to be reported on my 1040SR" and "Schedule C is a bit overboard"
In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Less Common Income
-Misc Income, 1099-A, 1099-C
- On the next screen, choose – Other reportable income
- On the next screen, click yes
- On the next screen, you'll get blanks to enter the amount and a description. It will go on line 8z of Schedule 1 as "Other Income". Possible description: eBay sales on 1099K
Even in this situation, you are allowed to deduct what you paid for the items sold and report only the profit.
That said, for more specific directions, you need to describe what you did to get this money. As previously stated, if you're selling things for profit, Schedule C is usually the proper method.
