Question on 1099K

[niseco]

Hello, I received a 1099-K from ebay with gross sales over $600. If I sold everything near what I paid for or at a loss, do I need to report the gross amount?

[ZoltanB45]

The IRS will get a copy of the form and if they send you a notice about it, you will have to either amend your return or take the whole amount as a profit. I would advise to enter in the 1099-K and  cost of the items now rather than potentially having to amend down the line.

[niseco]

Thanks for the reply. What do you mean enter and the cost of the items? I dont see a section when filing in turbotax to put cost I paid for the items..

[ThomasM125]

You would need to enter the income and expenses in the Federal section of TurboTax, then Income and Expenses, then Self-employed income and expenses. Just answer the questions in that section and enter your business income as reported on the 1099-K form and your associated expenses.

[niseco]

Thats what i dont understand. The only things it says I can report as expenses are things like home office… where do I out what I actually paid for the items?

EDIT - Nvm I see it. Thanks!