How to fill in 1099k from ebay

[xellos2099]

I got a 1099k from ebay from selling some items, i need some answer on how to fill it out.  Under Describe your business, do I put down ebay?  What to pick when it ask me use my name for business and business address is same as home address?  Business anme : ebay?  Business code?  

If i only sell used item from personal use, do i say i have inventory?  Where do i put down the cost of the item that i sell?

[JeffF]

"Describe your business" would be online selling.  The "name for business and business address" are determined by you.  If the business address is your home address, then that is what you use.  The business name is the hard part.  You should have already determined that, but you can correct that now.  Your business name is not eBay.  They are a separate entity.  You need to find the business code under retail sales for online sales.

Personal property that is later sold is sold at fair market value.  That property only becomes inventory when you determine you wish to sell it.  You should keep a running tally of the items you sell with the item name, date placed in inventory, date sold, fair market value, and selling price.  You will need to determine the fair market value.  The normal fair market value unless it is an antique or art is garage sales value.  

I hope this answers your questions.

[ColeenD3]

If you are just selling items you had laying around the house, you do not have a business. This is reported as other income. Since you did have a cost, you can zero out this income, but you can't take a loss. Please see this answer from @PattiF.

This can be reported as the sale of items not associated with a business so this won't be considered self-employment income

In order to do that you can either report it as investment income or other miscellaneous income. Make sure to include expenses of the sales and the original cost of the items.

For reporting Form 1009-K for personal items sold not associated with a trade or business, you can report this as Miscellaneous income.

• From the left menu, go to Federal and select the first tab, Wages & Income
• Add more income by scrolling down to the last option, Less Common Income, and Show more
• Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C, and Start
• Choose the last option, Other reportable income and Start and Yes
• Enter the applicable description and amount and Continue
  • First, enter Form 1099-K as received. It is essential that the full amount be entered.
  • Next, enter an adjustment as a negative number to reflect the cost of these items and the sales expenses  (but not more than the sales price. You can't produce a loss.)