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acarcach
New Member

1099-K from Poshmark sale of used goods

Since I'm only selling used goods how would I enter this? Poshmark sent me a 1099-K, but I don't have a business.  I thought sale of used goods, like yardsale items, weren't taxable.

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1 Best answer

Accepted Solutions
AliciaP1
Expert Alumni

1099-K from Poshmark sale of used goods

Since you used a third-party payment processor to receive your income, you are required to report it.  You are also allowed to report the expenses of the items sold to a net income of $0.  You are not allowed to report a loss on the sale of personal items.

 

To report your 1099-K in TurboTax Online, you can follow these steps:

  1.  Within your tax return using the magnifying glass icon, search for 1099-K and select the Jump to link at the top of the search results
  2. When you get to the Choose which type of income your 1099-K is for screen select Personal item sales and Continue
  3. Enter the information from your 1099-K
  4. Click Done
  5. Go back to the Wages & Income screen and click Edit for Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto)
  6. Click Review for the 1099-K you entered and here you can enter the expenses and details for the items you sold
  7. Proceed entering/reviewing your return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
AliciaP1
Expert Alumni

1099-K from Poshmark sale of used goods

Since you used a third-party payment processor to receive your income, you are required to report it.  You are also allowed to report the expenses of the items sold to a net income of $0.  You are not allowed to report a loss on the sale of personal items.

 

To report your 1099-K in TurboTax Online, you can follow these steps:

  1.  Within your tax return using the magnifying glass icon, search for 1099-K and select the Jump to link at the top of the search results
  2. When you get to the Choose which type of income your 1099-K is for screen select Personal item sales and Continue
  3. Enter the information from your 1099-K
  4. Click Done
  5. Go back to the Wages & Income screen and click Edit for Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto)
  6. Click Review for the 1099-K you entered and here you can enter the expenses and details for the items you sold
  7. Proceed entering/reviewing your return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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