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I live in Virginia and started selling some used personal property on eBay/Paypal (like a big garage sale, generally at a loss). How do I file a 1099K that Paypal sends?
Items have sold for less that $2K total, either at a significant loss or break even. Likely will be less that $4K for the year. Do I ignore the 1099K, or put it down twice (once as income and the value again as a cost/loss)?
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October 12, 2020
2:34 PM
last updated
October 12, 2020
2:34 PM
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I live in Virginia and started selling some used personal property on eBay/Paypal (like a big garage sale, generally at a loss). How do I file a 1099K that Paypal sends?
See these TurboTax informational pages:
https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-tax-filing-factsheet-for-ebay-sellers/
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
October 12, 2020
3:07 PM
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I live in Virginia and started selling some used personal property on eBay/Paypal (like a big garage sale, generally at a loss). How do I file a 1099K that Paypal sends?
Q. Do I ignore the 1099K, or put it down twice (once as income and the value again as a cost/loss)?
A. Either way.
For the ignore answer, see: https://ttlc.intuit.com/community/taxes/discussion/received-1099-k-from-reverb-and-paypal-but-sold-o...
For how to put it down twice, see: https://ttlc.intuit.com/community/taxes/discussion/do-i-need-to-report-a-1099k-from-paypal-even-if-i...
October 12, 2020
3:13 PM
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