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Not a trade or business. Not a hobby.
I’m not in a trade or business. I sell a few collectibles now and then to downsize.
I understand that the IRS allows people to report the 1099K income as non self employed income under investment income for personal items sold not associated with a trade or business. Please advise.
August 31, 2022
11:25 AM
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Self employed
Hi Katrinakitty
We understand that you are not in a trade or business nor a hobby. Typically if you were issued a 1099-K form, the income should be reported as income under Schedule I, Line 8 as other income and it's not subject to self-employment tax, only subject to ordinary tax rates depending on your income tax bracket. We hope this helps you!
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August 31, 2022
4:03 PM