Hi,
I received a 1099k, and the items I sold were literally all personal items I owned and sold. Overall, they would be considered a loss when added up and shipping is accounted for.
I am not a business, as I only sell a few items a month, and in this case, I just wanted these items out of the house. I know Schedule C would make me claim all my personal items as income because they weren't bought in 2021 (which is crap, as they didn't earn money), and I'd have to unfairly pay on 1k of 'income' that isn't profitable. (I did the math already). And Hobby is worse, as I'd have to claim everything, even though most is at a loss, and when added up the total is a loss.
I know I can also do a schedule D/form 8949, but I can't claim losses on most items there either (unless I'm wrong, and I can?). And again, when added up, everything is a loss. So if I were to itemize everything, it'd show as a profit, even though overall the items were a loss, so that isn't even ideal. Plus, the 28% tax rate is awful.
So I was wondering how I would report the 1099k. Do I just put down the items on the 8949 that made money (I say 8949 because I'm not doing a C when I'd owe on 1k I didn't really make because the items left weren't profitable but were old and can't be deducted, which kills my refund), or do I have to include ALL the items I sold, even if they didn't make any money?
And if I do have to include all items, how do I show the ones that didnt make money as a nondeductable loss if that's how it's done (I can't figure out how to do this tbh)? Would I just list them at the same price they sold for and 0 them out that way?
Alternatively, is there a way to show that the items all added together weren't profitable? That's actually ideal (it ends up being the total of all sold items was a $3 loss or something like that), but I don't think I can do that.
Also, as I did do this as a business last year (I stopped because it was too much for me and not profitable), do I have to report it any special way that I stopped, or can I just submit my income as it really is now without anything? I never actually paid self employment tax because I never had to (I didn't make anything), so that isn't an issue, and I didn't have anything besides a PayPal business account I closed early last year because it was just hurting me. I was just concerned because I did a C last year and won't this year because it no longer applies.
Thanks in advance.
