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Business & farm
The 1099-K only means that you received a certain amount of money. It does not necessarily mean that that money is taxable income. If you sold the scooter for less than you paid for it, you have no gain, and therefore do not owe any tax on it. (But you cannot claim a loss on the sale of something that was for personal use.) You can report the sale with the basis higher than the proceeds. There is a box you can check in TurboTax to indicate that you cannot claim the loss.
‎July 19, 2022
2:34 PM