I got a 1099K from raise.com for selling some gift cards, at a loss, so no taxable income. How do I report this 1099K but adjust it so there is no tax on it?

mark381 — Mon, 09 Mar 2026 08:47:45 GMT

Should I just ignore this 1099K?

Re: I got a 1099K from raise.com for selling some gift cards, at a loss, so no taxable income. Ho...

Cynthiad66 — Tue, 08 Mar 2022 16:05:33 GMT

Since you said this is not for a business, you can ignore it. The Form 1099-K is a notification for transactions that may be included in calculating your business income. However, if this is not relating to a business and not taxable transactions you may keep for your records.

It is important that your business books and records reflect your business income, including any amounts that may be reported on Form 1099-K. You must report on your income tax return all income you receive from your business. In most cases, your business income will be in the form of cash, checks, and debit/credit card payments. Business income is generally referred to as gross receipts on income tax returns. Therefore, you should consider the amounts shown on Form 1099-K, along with all other amounts received, when calculating gross receipts for your income tax return.

Use this IRS link for additional information: Understanding your Form 1099-K

Re: I got a 1099K from raise.com for selling some gift cards, at a loss, so no taxable income. Ho...

fanfare — Tue, 08 Mar 2022 16:21:19 GMT

you'll get four different answer here on what to do in this situation,

so take your pick.

topic I got a 1099K from raise.com for selling some gift cards, at a loss, so no taxable income. How do I report this 1099K but adjust it so there is no tax on it? in Get your taxes done using TurboTax

I got a 1099K from raise.com for selling some gift cards, at a loss, so no taxable income. How do I report this 1099K but adjust it so there is no tax on it?

Re: I got a 1099K from raise.com for selling some gift cards, at a loss, so no taxable income. Ho...

Re: I got a 1099K from raise.com for selling some gift cards, at a loss, so no taxable income. Ho...