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Get your taxes done using TurboTax
This is not reported on Schedule C as I am not self employed. eBay is an on line garage sale for my activity, like selling items on Craigslist, except as eBay handles the payment side, these payments get reported on a 1099-K. To "zero out" the impact of the 1099 K on taxable income, as stated in the Turbo Tax site, you enter this under MISC or Other Income, then enter a negative entry as a separate amount to effectively set MISC or Other Income to $0.00. It is still reported, but there is not tax impact. I posted a screen shot of my entries on this site and got a tax-expert reply that my treatment was, in fact, correct.
March 4, 2022
10:05 AM