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josajoyce
Level 2
February 7, 2023
Question

1099 K from Ebay

  • February 7, 2023
  • 3 replies
  • 7 views

Ebay sent 1099 K for 1191.00. Can do 1009 K but it always calculates a loss even though you cannot deduct a loss for sale of personal items???? Try to edit form but it does not allow.

    3 replies

    JohnB5677
    JohnB5677
    Level 15
    February 7, 2023

    We'd love to help you complete your tax return but need more information. Can you please clarify your question?

    Where are you posting this information to in TurboTax?

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
    josajoyceAuthor
    Level 2
    February 7, 2023

    What I ended up doing is reporting 1099-K income  (1192.00)on Schedule 1 and then deducting cost of goods (732.00). Net income $460.00. Looks good to me and being transparent about the income. I think this works. Turbo Tax kept sending me to a 1099 -B form which would not allow me to uncheck box about reporting to IRS. Very frustrating. 

    AmyC
    AmyC
    Level 15
    February 7, 2023

    Personal sale items would go on sch 1, line 8z so you did a great job along with subtracting out the cost of goods. 

    If this is a business, it would go on sch C.

    **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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