Hello TurboTax Community
I Bought more stuff on my PayPal account this year than I earned money wise.
Is this considered a net loss?
If so, am I able to file it as such in my taxes?
If not for either question, then that's fine. I was just curious.
Was this for a business you are doing? You can only deduct business expenses and purchases. For personal you can't deduct losses.
I bought stuff and earned money on my personal account.
Regardless, thanks for letting me know.
Did you buy and sell stuff? You might have to report it as self employment. Then you can show a loss. Give more details. Doesn't matter if it is a personal PayPal account. It could be considered a business to you.
What I bought most likely can't be considered business expenses or purchases. All those transactions I were personal. I never considered my personal account a business account in regard to the stuff I bought sold. Should I consider it as such though so I can file correctly?