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?
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Showing 1 response by millercarbon

millercarbon's avatar
millercarbon
12,531 posts
 
1. Upgrade to the better TurboTax. Forget the name, it's obvious when you see it.
2. Follow filing instructions.
3. Call if questions.
4. Pay the extra for Audit Defense. Totally absolutely won't regret it awesome. Just Do It.
5. Did you see the step to ask audiophiles tax questions? No. There's a reason for that. Think about it.
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