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Level 1

I received a 1099-K from PayPal this past year for buying/reselling things. What category do I expense the retail price of the items I bought?

For example, I purchased item A at 100 and sold it for 200. The 1099-K will show my profit as 200. How do I account for the 100 used to purchase the item?
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Employee Tax Expert

I received a 1099-K from PayPal this past year for buying/reselling things. What category do I expense the retail price of the items I bought?

You can include your purchases in Inventory. Please see this LINK  from ShaunaD for the steps.

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

View solution in original post

1 Reply
Employee Tax Expert

I received a 1099-K from PayPal this past year for buying/reselling things. What category do I expense the retail price of the items I bought?

You can include your purchases in Inventory. Please see this LINK  from ShaunaD for the steps.

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

View solution in original post

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