- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
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?
Topics:
1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
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"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
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"
**Mark the post that answers your question by clicking on "Mark as Best Answer"