I got a 1099-k for an item that sold but was then returned for a full refund. How should I reflect the fact that the "income" stated on the 1099-k was all refunded?
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I got a 1099-k for an item that sold but was then returned for a full refund. How should I reflect the fact that the "income" stated on the 1099-k was all refunded?
I checked the box that says "the amount is higher than it should be" and put the total amount stated on the 1099-k as the amount that should be subtracted. Is that the right approach?
posted
April 12, 20234:05 PM
last updated
April 12, 20234:05 PM
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I got a 1099-k for an item that sold but was then returned for a full refund. How should I reflect the fact that the "income" stated on the 1099-k was all refunded?
That should do it. Keep the 1099-K and a copy of the returned item with your tax file.
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