Hi thanks this is helpful!
So unfortunately I mixed together my sales of items that I made a loss on (e.g. reselling used items) with sales of items I made a profit on (items I got free that I later resold for a profit). I got a 1099-K from eBay and will be filing it. For simplicity let's say $3k in reselling used items (net loss) and $8k in reselling new items (net profit), and so 1099-K reported total income of $11k. Let's also say I spent $500 in shipping costs on the new items I resold and made a profit on. In turbotax, will I list $11k as my 1099K earnings under Self Employed, and then $3,500 under "Other Miscellaneous expenses" (in addition to any other shipping expenses that apply to the new items I resold)? In other words, to show that my tax liability comes out to $7,500 rather than the full $11k?
Thank you again!
