- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Thanks once again.
I've been rolling through the PayPal 1099k and see that I have about $600 in informal sales of vegetables from my backyard. I can more than offset this income with documentable expenses
Is this a 'other income' issue? And is there a place in the 1040 to enter the expenses or do I do these adjustments on a sheet of paper that I hold onto for 'the audit' I guess this isn't the way I'd want to go.
I assume it's ok to split up the 1099k gross figure into various topics (ie schedule D, other income, not actually income ) as long as the separate entries add up to the 1099 gross (?)
Definitely do not want to pay taxes on the vegetable income since I lost plenty of money in the garden as it is 😉
Thanks for your consideration