1099k from ebay

[AliciaP1]

If you handled the transactions with the intent to earn a profit the IRS would consider you self-employed and you should enter your 1099-K and related expenses as such.  See Am I considered self-employed? for more information.

To enter your 1099-K as self-employment income you can follow these steps in TurboTax Online:

1. Open or continue your return and select Search
2. Search for Schedule C and select the Jump to schedule c
3. Answer the questions about your business until you get to the Here's your info screen. 
4. On the Let's enter the income for your work screen, select Form 1099-K and Continue
5. Enter your 1099-K info
6. Select Continue when finished and walk through entering your applicable expenses.

Don't forget to review What self-employed expenses can I deduct? to take all the deductions you can.

@jerod_33 

[cdedelman]

What should I choose on TurboTax Premier online if some of the sales on eBay were of personal items and others were of collectibles?  eBay of course only provides one K-1, and I'm not clear on how to document individual sales on eBay differently s either personal items or collectibles.

[KrisD15]

It doesn't matter as long as you report the items that were sold at a profit. 

There are rules for "Collectors" but that does not apply for the typical Taxpayer that sells on E-bay. It would be someone that invests in say, a painting that is kept in storage and which was purchased only as an investment, so never used.  

If some of the sales were "collectables" like Beanie Babies or some other purchase you made that people now want, and which you sold at a profit, select "I sold some items at a loss or had no gain" when entering the 1099-K. 

You will then enter the amount reported on the 1099-K which was for these items/collectables sold at a profit. 

Click DONE

Go to Investment Income

Stocks, Mutual Funds, Bonds, Other

The 1099-K should be listed, click Edit 

Continue until you can add the sales and show the gain, if you sold something for more than you originally paid. 

Short-term is if you have the item for one year or less.

Long-term is if you have it for longer than one year. 

If you sold something you had inherited, that is always long-term.