- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Thank you for your help TomYoung. I can explain more details and hopefully that will help because I am getting tons of conflicting answers and I am so confused about what I need to do. Yes, my 1099K was for $20,400 for last year. I spend a lot of money on children's boutique clothing and clothing for myself. If you don't understand the expense associated with the clothing I buy then I completely understand why this total doesn't make sense. I buy these boutique clothing every release and my cost for these clothing are very high. I will then sell the items usually after a couple of weeks or before the next release because that is what I like to do. I usually sell for 1/2 of the cost or 3/4 of the cost if I am lucky. I then use those funds from selling the clothes to purchase more from the next release. I do not make a profit but it adds up quickly. I also sell my boutique clothing but again for less than I paid for them. The other total in this amount was for a MLM company I sold products for but that was only about $1,000 of the total as I only sold it for a couple of months. PayPal fees are included in the total and cashback bonuses from ebates and shipping fees are included in the total. It is my understanding that I am responsible for deducting those amounts from the 1099k total as well.
‎June 3, 2019
10:35 AM