received a 1099-K after selling used items on Ebay

fraknbeth · ‎April 9, 2022

I sold some items on Ebay. received a 1099-K. Why do I need to report this as other income. I already payed taxes on this long ago.

LeonardS · ‎April 10, 2022

To report your 1099-K for just selling some out of date electronic items without using a Schedule C follow these steps:

Sign in to TurboTax and open (continue) your return
Select Federal from the left menu
In Wages & Income (Income & Expenses if you’re using TurboTax Self-Employed), scroll down to Less Common Income and select Show more
Select Start next to Miscellaneous Income, 1099-A, 1099-C
Select Start next to Hobby income and expenses
Answer Yes to Do you have hobby income or expenses?
On the next screen, enter the Total income reported on your Form 1099-K and select Continue. Don't enter any expenses.
Select Done on Love your dedication—here’s what we’ve got for your hobby
To deduct the cost of the items sold: while still in Miscellaneous Income, select Start next to Other reportable income
Select Yes on Any Other Taxable Income?
On the next screen, enter Form 1099-K in the Description field. Enter the total cost of the items sold in the Amount field as a negative number. Note that the amount can’t exceed the income reported on Form 1099-K.

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ColeenD3 · ‎April 10, 2022

How did you pay taxes on this income? Your taxability is determined on your 2021 tax return. You must report all your income on your return.

fraknbeth · ‎April 10, 2022

I did not pay taxes yet on this.

Do I need to file a Schedule C? Or, is there a place I can just add this in as "Other Income" ?

I really don't want to go through filing a Schedule C. This was just selling some out-of-date electronic items.

LeonardS · ‎April 10, 2022

To report your 1099-K for just selling some out of date electronic items without using a Schedule C follow these steps:

Sign in to TurboTax and open (continue) your return
Select Federal from the left menu
In Wages & Income (Income & Expenses if you’re using TurboTax Self-Employed), scroll down to Less Common Income and select Show more
Select Start next to Miscellaneous Income, 1099-A, 1099-C
Select Start next to Hobby income and expenses
Answer Yes to Do you have hobby income or expenses?
On the next screen, enter the Total income reported on your Form 1099-K and select Continue. Don't enter any expenses.
Select Done on Love your dedication—here’s what we’ve got for your hobby
To deduct the cost of the items sold: while still in Miscellaneous Income, select Start next to Other reportable income
Select Yes on Any Other Taxable Income?
On the next screen, enter Form 1099-K in the Description field. Enter the total cost of the items sold in the Amount field as a negative number. Note that the amount can’t exceed the income reported on Form 1099-K.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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