1099-K from PayPal (tax form)


It looks like I am getting a 1099-k form from PayPal for the first time. I sold a lot of audio items last year, used, while upgrading my system and swapping things around. Obviously I am not a business, not in this for profit, and did not make money, lost money. It’s just a hobby, a costly one.

I am guessing I have to report this with my taxes. However, the form only has the gross proceeds from PayPal, not my original purchase price. How do I deal with this? Any particular section on Turbo Tax to enter these?
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Showing 2 responses by brunomarcs

Shouldn't it work both ways? You sell for a profit and pay taxes, You buy a product and sell for a loss you take the loss. Any  accountant should be able to handle this for you to come out in the good!  also who ever says the irs are nice to deal with is crazy, there thieves m.