Not sure that is a complete answer inasmuch as if you only put the net amount in Turbo Tax without anything more the IRS will see a discrepancy between the net amount reported on Schedule C for the 1099-K and the amount reported by Pay Pal to the IRS in its 1099-K. Therefore, in an attempt to avoid such an inquiry I am reporting the net amount on Schedule C as suggested but including an additional sheet explaining that the Pay Pal 1099-K included amounts from two 1099 NECs which 1099 NECs were reported in Schedule C and subtracted from the Gross Amount of the Pay Pal 1099-K.
