How do I correct my income on a 1099K? Paypal says I made $74,000. However, I sell wholesale products online so I actually only make half that.

I sell products online via ebay.

If I sell a $100 product, I make 50% of that, or $50. In most cases my wholesale discount is 50%.

Where do I state that my income is not the $74,000 that PayPal is showing, but actually 50% of the shown income = $37,000?

306

1 Best answer

Level 15

Jun 3, 2019 4:57:21 PM

You will be asked questions about the Cost Of Goods Sold. Enter what you paid for your sold items

Level 15

Jun 3, 2019 4:57:21 PM

You will be asked questions about the Cost Of Goods Sold. Enter what you paid for your sold items