Hello, I'm a freelance musician and have filed Schedule C for my musician income and expenses for years.
Dor the first time, in 2022, I am now receiving a 1099-K from an online used gear platform (reverb.com) on which I sold 5 pieces of music equipment during the year for gross proceeds of $9,025.
Normally, I would have already reported the sale of these pieces of equipment as I went through my asset summary, and I would normally have a gain on sale, because I depreciate my business equipment.
But, if I put in the 1099-K as proceeds from these 5 sales, they would be double-counted.
Do I take the proceeds from these 5 sales made on reverb.com out of my asset summary? so as to not double count the proceeds? And if I do that, I do I not have a gain on sale? Stumped.
