1099-K & personal items

[Amber1]

I received a 1099-K from PayPal.  90% of the money reported on this form is from my eBay business and will be reported on Schedule C as income.  The other 10% is from personal stuff (selling used clothes or other personal items, receiving $$ from friends/family, etc.).  Do I use the actual income amount from my sales records (less than the full 1099-K amount) on my Schedule C or do I use the full amount of the 1099-K?  And if I use the full amount, how do I report the 10% that is not income?

[LeeM · Accepted solution]

You would only need to enter the amount from your sales records unless  you sold your personal items for more than what you originally paid. 

As long as you did not sale any personal items for more than you paid, you would not need to report those transactions.

For more information on the sale of your personal items, you can review the TurboTax FAQ below:

https://ttlc.intuit.com/replies/3995054

[stealth3si]

How do I report a referral rebate reward bonus payment (which is in the 1099-K) on my tax return?

[stealth3si]

So the IRS is ok with the other 10% from selling personal stuff missing from the tax return even tho it is reported on the 1099-K form?

[mesquitebean]

@stealth3si
Your postings may or may not be seen today.
This is an old already-answered thread from 2 years ago that will not generally show up to the forum as currently needing help since it is in the answered queue.
If no one sees it today and provides you info, you can start your own new thread at the link below where you can ask any questions about your 1099-K and sales, etc.  A new thread will thus be in the unanswered queue and show up to more people.

When you go to the form at the link, the first box is for a summary of your question, like a title, and is limited to 170 characters..  If you need more room, lower on the form you will come to another box with plenty of room to enter details.    This is a public Internet forum, so don't post any personal info.

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