I received a 1099K for personal property sold through PayPal. When I itemize the cost of personal property items, it calculates a loss in turbotax.

[maglib]

Use your SSN. Hope that helps. 

[Jen84]

I got a 1099-K for for California it had only 9 transactions for 2021 and less than10K in sales.  it was listed by a third party seller that I was using.  Do I list this these were cards I paid more for by grading and buying etc.  Can I do  a loss on this for grading or buying the cards for less than I paid for grading is is $264 a card.  Do I just key this in to turbo tax will it be able to take a loss or do  I pay taxes on it.  I am a small seller not a business I try to make the cash for bills? 

[RobertB4444]

@Jen84  When you're doing your tax return the IRS expects you to include all of the income that you made for the year - including side hustles that are just for earning a little extra for paying bills.  That is why the IRS changed the rules for issuing 1099-Ks for this year.  

You'll need to upgrade to TurboTax self-employed in order to deduct the expenses that you had for the cards.  Once you've upgraded the system will ask you about the business you had and guide you through entering the amount from the 1099-K and then the amount that you had in expenses for the year that you can deduct from the 1099-K amount.  

[Jen84]

Hi RobertB4444

I forgot to mention that I do the side hustle for cards and want to do some losses on Self employed as you stated.  I do a joint return with my husband can we still do that on the self employed we both work jobs. 

You'll need to upgrade to TurboTax self-employed in order to deduct the expenses that you had for the cards

[Jen84]

forgot to mention we both work jobs so we have W-2's

[Vanessa A]

Yes, you can both use Self-Employed to enter your W-2s and joint or separate business adventures.  You can enter more than one business adventure and more than one W-2 for each of you.