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.  

 

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

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. 

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?

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? 

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.  

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.

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.  

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.