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kelly040
New Member

I received a 1099-k from PayPal for $2000.00 (in VA). This was from selling used personal items that I sold for less than I paid. What do I do with this 1099-k? Help!!

This is not a personal business. I am just selling things my daughter has outgrown to fund new items. I am at a loss of what to do!
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Accepted Solutions
PattiF
Expert Alumni

I received a 1099-k from PayPal for $2000.00 (in VA). This was from selling used personal items that I sold for less than I paid. What do I do with this 1099-k? Help!!

These are the instructions on how to enter information in the program when household goods were sold at a loss and you receive a 1099-K:

 

  • 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 to reflect the cost of these items as an offsetting, negative amount.
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1 Reply
PattiF
Expert Alumni

I received a 1099-k from PayPal for $2000.00 (in VA). This was from selling used personal items that I sold for less than I paid. What do I do with this 1099-k? Help!!

These are the instructions on how to enter information in the program when household goods were sold at a loss and you receive a 1099-K:

 

  • 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 to reflect the cost of these items as an offsetting, negative amount.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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