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Level 1

Solved

1099-K & personal items

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

I received a 1099-K from PayPal. 90% of the money reported on this form is from my eBay business and will be reported on Schedule C as income. The other 10% is from personal stuff (selling used clothes or other personal items, receiving $$ from friends/family, etc.). Do I use the actual income amount from my sales records (less than the full 1099-K amount) on my Schedule C or do I use the full amount of the 1099-K? And if I use the full amount, how do I report the 10% that is not income?

TurboTax Self Employed Online

Best answer by

You would only need to enter the amount from your sales records unless you sold your personal items for more than what you originally paid.

As long as you did not sale any personal items for more than you paid, you would not need to report those transactions.

For more information on the sale of your personal items, you can review the TurboTax FAQ below:

https://ttlc.intuit.com/replies/3995054

A

Anonymous

Answer

You would only need to enter the amount from your sales records unless you sold your personal items for more than what you originally paid.

As long as you did not sale any personal items for more than you paid, you would not need to report those transactions.

For more information on the sale of your personal items, you can review the TurboTax FAQ below:

https://ttlc.intuit.com/replies/3995054

Level 2

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