2. misc-audio
  3. 163567-94588

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?
128x128thyname

Showing 1 response by dougthebiker

dougthebiker
185 posts
 
The simple solution is to move out of the "there's no such thing as too much tax" socialist state you're in and move to one of the no income tax states where the inmates aren't in charge of the asylum.
That's my political opinion as an audiophile.
Seriously, if you can't neutralize the 1099 in Turbo Tax Deluxe, a competent tax preparer (local CPA firm that prepares taxes, not the the H&R Block types) can solve your problem in about 15 minutes.
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