I got a 1099K from Paypal for over 208 transactions for my personal things, clothes jewelry stuff like that on the Buy Sale groups on FB. Why do I have to report this?

[SusanY1]

You do not need to report this income unless you sold the items for a profit.  Since you were selling your used personal items, it is unlikely that you sold them for more than what it cost to acquire them.  

Save the 1099-K for your records, but do not enter it into TurboTax. 

[Redreserve]

I got a 1099 from PayPal too for items of my late husband that I sold, tools, boat, etc. IRS says I need to do schedule D. I did not make a profit off of any of it if they base that off what it costs to buy each item initially. I just had a lot of PayPal transactions. Will I have to pay taxes on the personal items I sold? Help please 

[GiseleD]

According to IRS 1099-K guidance, you should only report items that qualify as trade or business income. If the items you sold were used in a trade or business or if you were selling items as part of a business (inventory), you will need to report them. But based on your explanation, this is not income. You are just selling personal items as a loss.

If my assumption above about selling personal items at a loss is correct, you do not need to report this income on your return at all. There is a chance that you will receive some correspondence from taxing authorities when you file your return without reporting this income. Keep good records of the transactions and respond promptly to any correspondence you may receive from taxing authorities. 

@Redreserve

[Redreserve]

That’s exactly what I was thinking. Most Of it I sold through PayPal or I collected  the money through PayPal and I got a 1099 from PayPal but my husband passed away five years ago and I’ve just finally sold a bunch of his tools and boat, truck, trailer and things like that and I didn’t think I had to pay any tax on that it was all just personal items. The IRS said that I need to do a schedule D and That I couldn’t claim a loss which I never planned to do anyway. I think I just need to list what I sold and as long as it sold for  less than what I paid for it I should be OK. A friend of mine who is a CPA today told me this was all total BS LOL they sent me that in the first place. Thank you so much for your answer 😊