I received a 1099-k for 30 pairs of shoes I sold from my old collection as I am downsizing. The 1099-k was for 6,700 BUT i actually lost 300 for the year. My COGS was 6,300. I would think i shouldn't have to pay ANY TAX since my NET was a loss however I entered this 2 different ways in turbo (as personal items) then as self employed deducting the COGS, home office etc.. BOTH WAYS, it is taxing me MORE then before I entered the 1099-K at all. How do I truly ZERO out my 1099-k so I'M not paying tax on any of it?, when I did "personal sales at loss and gain" it taxed my gains but since you Can't deduct losses for personal items sold in the end i was paying tax even though I took a loss. That seems wrong. PLEASE HELP! Ice spent hours on this. THANKS!!!!
