Hello, Illinois has a new law that all paypal transactions over $1000 now report a 1099-k. I sold some pokemon cards I bought in 2019 and 2020, about 18 total. the amount is say $10,000, but about half was spent buying those cards that i sold. What specifically would i enter into turbotax to best document this. I entered this under miscellaneous income, i put the eaxct 1099k amount as 1099k personal property sale (10,000) and then another line as 1099k cost of personal income and entered a negative number. That negative number represents the cost of my fees and mainly the cards purchase price. Is this appropriate. I am not a business, i dont know if the irs would say yes or no. Do i do a schedule c and how would i itemize the costs, this is confusing.
