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Report the IRS 1099-K income, then reverse out the income. Follow these directions.
Other income may need to be reversed if some or all the income reported on the 1099-K is not accurate. Post the negative entry as follows:
The entry will be reported:
Make sure that you keep records of all transactions. Later, you may need to demonstrate to the IRS that this is not taxable income.
Report the IRS 1099-K income, then reverse out the income. Follow these directions.
Other income may need to be reversed if some or all the income reported on the 1099-K is not accurate. Post the negative entry as follows:
The entry will be reported:
Make sure that you keep records of all transactions. Later, you may need to demonstrate to the IRS that this is not taxable income.
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