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Hello,
I've followed instructions to report my 1099K under investment income & selected "something other than a date" to get VARIOUS as acquired date, now I'm stuck at Date sold or disposed because they were sold on various dates. There is no other option except to enter a single date. I have 300+ sales & they were held more than a year. What should I do? Please help! Thank you.
Each line should have the opportunity to enter a date in the investment sale section, but it would be quite tedious to enter the costs manually.
Due to the volume of transactions, it would appear that these transactions will be expected to be reported as self-employed income. If you are running a trade or business with the hope of earning a profit or are purchasing goods to then resell, you are definitely running a business in the eyes of the IRS.
While running a business means you are subject to self-employment tax, it also makes you eligible for up to a 20% deduction of that net income. See: What is the Qualified Business Income (QBI) deduction? Your adjusted gross income will be reduced by 50% of the self-employment taxes charged, as well.
For more information, see: What is Form 1099-K?
Am I considered self-employed?
Tax Guide for the Self-Employed: Everything You Need to Know | The TurboTax Blog
4 Tax Tips for Money-Making Hobbies - TurboTax Tax Tips & Videos
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