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How to report profit on 1099-K and are receipts needed?
I've been interested in selling some items on services like eBay. The $600 limit has been a barrier to entry because I'm not planning to do this often. Just want to get rid of some items I don't want anymore.
My question has two parts:
- How do we report profit on the 1099-K? I see a section for reporting the total revenue but I don't see one for reporting personal expenses.
- Do we need to have receipts for every item for how much we spent on it? I don't have receipts for everything I want to sell. Is it okay to just put the MSRP?
‎August 31, 2022
11:13 AM