- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
On-Line "Garage" sales
I am not sure whether to re-ask a question but mine is the same as others. I have been exclusively selling things I own on Mercari. Knowing that the laws changed effective 1-1-2022 down to $600, I created a spreadsheet where I have accounted for each sale and subtracted any Mercari transaction fees, shipping expenses, and the cost of the item when purchased to arrive at a net gain or loss for the item. To date, when all are sold items are accounted for, I have not made a profit. At present, I have a capital loss of about $600.
I know I will still be receiving a 1099-K from Mercari as my total sales with them to date are over $600 but my questions are:
1. Is this Mercari income reportable if, in the end, I have sold the items cumulatively at a loss?
2. If it is reportable, what form do I report it on? , and
3. With all the 1099-K's being issued, how does the IRS distinguish between a 1099-K where the income needs to be taxed versus one where it isn't?
Thank you.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
Click on your User ID and it will take you to a list of messages you have entered on this forum - https://ttlc.intuit.com/community/user/viewprofilepage/user-id/5101498
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
All I see when I click on my user ID is the answer to "How Do I find the answer to my Forum Question" and not an answer to the original question from 9:50am EDT. i received an e-mail notification to the follow-up question but not to my original question.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
This is the first message you posted at 12:50 EDT and the only answer is mine on this thread. If you posted an earlier message did you use a different User ID?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
Nope. It was under "dagat1123". I see it but there are no replies to it in my notification string. Should I re-post it?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
Wait...This is your first message and my original answer should not be on this post. It should be here https://ttlc.intuit.com/community/file-with-turbotax/discussion/how-to-find-answer-to-your-forum-que...
Something got screwed up.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
@dagat1123 wrote:
Nope. It was under "dagat1123". I see it but there are no replies to it in my notification string. Should I re-post it?
Yes, repost your message.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
I am not sure whether to re-ask a question but mine is the same as others. I have been exclusively selling things I own on Mercari. Knowing that the laws changed effective 1-1-2022 down to $600, I created a spreadsheet where I have accounted for each sale and subtracted any Mercari transaction fees, shipping expenses, and the cost of the item when purchased to arrive at a net gain or loss for the item. To date, when all are sold items are accounted for, I have not made a profit. At present, I have a capital loss of about $600.
I know I will still be receiving a 1099-K from Mercari as my total sales with them to date are over $600 but my questions are:
1. Is this Mercari income reportable if, in the end, I have sold the items cumulatively at a loss?
2. If it is reportable, what form do I report it on? , and
3. With all the 1099-K's being issued, how does the IRS distinguish between a 1099-K where the income needs to be taxed versus one where it isn't?
Thank you.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
Hi: I have since created a whole new post to get out of this particular loop. Thank you. I bet it has been a very busy day for you all.