I'm totally confused. I've been doing google searches for a couple of hours and the answers seem to be really inconsistent. I see different answers from intuit employees on here from the same question. So like a LOT. of people I sell my used items on eBay that I no longer use. Since they just started requiring ebay to send out 1099-k for anyone exceeding $600 a bunch of people. I of course went over the limit (not much) & got a 1099-k. The stuff I sell is always at a loss so I never make a profit (personal items). The following link seems to say I don't even have to report it (even though I got a 1099-k):
Do I have to report personal items that I sold?
Honestly, I want to make sure I REALLY don't have to report it if that is true. If I am supposed to report it & don't I'm sure that would be an audit flag they could use.
Then I see a mix (from tax experts on here on how to report this).
1. Report its as investment income
2. Report it as Hobby Income
3. You don't have to report it
4. Report it as Misc Income
& a lot of others. There are even threads where intuit employees will tell you to do it in different ways on the same exact thread. Can someone tell me the real story & why there isn't a consistent answer? What really needs to be done?
