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Level 2
November 20, 2022
Question

1099k

  • November 20, 2022
  • 1 reply
  • 1 view

I Sold stuff on ebay through out the year but I have no cost of goods since alot off the stuff Sold I aquired free over the years. Can I put $0 for cost of goods sold. And will that be a red flag 

    1 reply

    Critter-3
    Level 15
    November 20, 2022

    If you got the stuff for free then your cost basis IS ZERO and that is just fine.

    Gmadru83Author
    Level 2
    November 24, 2022

    It will not trigger a auddit for putting zero for cost of goods sold