Possibly Recording losses

Forum|Forum|3 years ago
October 26, 2022
1 reply
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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.

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Best answer by VolvoGirl

Was this for a business you are doing? You can only deduct business expenses and purchases. For personal you can't deduct losses.

VolvoGirlAnswer

Level 15

Was this for a business you are doing? You can only deduct business expenses and purchases. For personal you can't deduct losses.

BlueDuck14Author

Level 3

I bought stuff and earned money on my personal account.

Regardless, thanks for letting me know.

BlueDuck14Author

Level 3

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?