Beldorx
Level 2

I live in Virginia and started selling some used personal property on eBay/Paypal (like a big garage sale, generally at a loss). How do I file a 1099K that Paypal sends?

Items have sold for less that $2K total, either at a significant loss or break even.  Likely will be less that $4K for the year.  Do I ignore the 1099K, or put it down twice (once as income and the value again as a cost/loss)?
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‎October 12, 2020 2:34 PM
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Hal_Al
Level 15
Level 15

Deductions & credits

Q.  Do I ignore the 1099K, or put it down twice (once as income and the value again as a cost/loss)?

A. Either way.

 

For the ignore answer, see: https://ttlc.intuit.com/community/taxes/discussion/received-1099-k-from-reverb-and-paypal-but-sold-o...

 

For how to put it down twice, see: https://ttlc.intuit.com/community/taxes/discussion/do-i-need-to-report-a-1099k-from-paypal-even-if-i...

‎October 12, 2020 3:13 PM
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