turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

mark381
Returning Member

I got a 1099K from raise.com for selling some gift cards, at a loss, so no taxable income. How do I report this 1099K but adjust it so there is no tax on it?

Should I just ignore this 1099K?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
Cynthiad66
Expert Alumni

I got a 1099K from raise.com for selling some gift cards, at a loss, so no taxable income. How do I report this 1099K but adjust it so there is no tax on it?

Since you said this is not for a business, you can ignore it.  The Form 1099-K is a notification for transactions that may be included in calculating your business income.  However, if this is not relating to a business and not taxable transactions you may keep for your records.

 

It is important that your business books and records reflect your business income, including any amounts that may be reported on Form 1099-K. You must report on your income tax return all income you receive from your business. In most cases, your business income will be in the form of cash, checks, and debit/credit card payments. Business income is generally referred to as gross receipts on income tax returns. Therefore, you should consider the amounts shown on Form 1099-K, along with all other amounts received, when calculating gross receipts for your income tax return.

 

Use this IRS link for additional information:  Understanding your Form 1099-K

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I got a 1099K from raise.com for selling some gift cards, at a loss, so no taxable income. How do I report this 1099K but adjust it so there is no tax on it?

you'll get four different answer here on what to do in this situation,

so take your pick.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question