1099-k

Forum|Forum|3 years ago
November 16, 2022
1 reply
5 views

I collect old radios and tubes. I sold a few things on ebay last year and received a 1099-k. I had no records about what I paid for the items and thus did not claim any of it as income. The IRS site wasn't very helpful as to how to handle the situation, and it looks like the rules are tighter this year. If I sell some hobby items this year and get a 1099-k, how do I handle that? I don't consider my sales as a business, as I am generally not making a profit.

R-SchuleCPA

Level 5

Sorry to say, but you will have to do your best to reconstruct purchase expenses, along with 1099 K income, and report amounts on Schedule C. Hobby loss rules are complex. See below link. But if business is truly a hobby, then expenses can only be claimed to the extent of income.

Business as a hobby

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"