Question on 1099K

Forum|Forum|4 years ago
February 23, 2022
1 reply
7 views

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

Level 9

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.

nisecoAuthor

Level 2

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

Level 15

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.

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