Hello all. I hope someone can help me with this question. I started selling on eBay during 2024 and sold about 200 items, all for a profit. So of course, eBay sent me a 1099-K. As a rookie here, I’m pretty sure that I should select the self-employed income option as that will enable me to include all of my many deductions (for example eBay includes all of their many fees and postage in the gross amount) and significantly reduce the "Gross amount of payment" that they have included in Box 1a. Do you agree or is there a better choice to make? Can one of you please tell me how to get the ball rolling to begin this process? I've watched a number of YouTube videos but there doesn't seem to be a lot of consistency there. Thank in advance for the kind help!
Yes, you are correct this is considered self-employment income, you will need to enter your income from the Form 1099-K you received on a Schedule C. You will also be able to deduct your expenses you had to buy the items you are selling, the fees, and postage you paid.
Refer to the following TurboTax help articles for steps on how to enter your form and more information on what expenses you can include.