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Yes, you are correct, you are able to deduct your expenses. It depends on the source you chose for the 1099-K receipts how you will enter the expenses.
Here's how to do this in TurboTax Online if you were selling personal items:
If the 1099-K was received for a business, you would include the expenses like any other business expense on Schedule C, as well the 1099-K receipts would typically not be reported using the 1099-K entry. Rather, the amounts from 1099-K will already be included in your sales. You can enter the income reported on your Form 1099-K as self-employment income on Schedule C, the same as you would report cash, checks, etc.
See this article for more information: IRS Form 1099-K: What Online Business Owners Should Know
Do I have to list each item that I sold for a loss separately or can I use a total? I would have to go through over 1,000 transactions to find exact dates for each individual item but could get a total easier. Also, was your statement of "$5,263 less what you reported did NOT have a profit earlier" just an example or somehow specific to my situation?
You can use a total for the items sold at a loss.
Example- should say total amount.
I another reply the expert stated each transaction had to be entered on its own.
I have only a relatively small sum to report but NJ requires it to be reported. After deduction of, fees, taxes, packaging & shipping and the term in my possession 8-15 years creating a loss purchase vs selling my total income would seem to be $0 .
Please clarify that the items can be reported as one line item
Yes, you can report the total for the sold items on one line. You can group the items by type or age if that's useful for your future reference. But the taxing authorities don't require an itemized list for the sale of personal items.
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