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 oldhvymec

Whatever you do, don't forget it... Only time I was ever audited was behind a "NEVER SENT" 1099, to me.. but was sent to the IRS, 7 year later, the audit, then the state stepped in.. Before it was over, a 3300.00 misplaced 1099 was over 18,000.00 USD. To the Fed and State..

Oh they offered a payment program.. LOL I had the payment served to the two agencies, they had to sign for their money.. Actually my money..

Tea party 101, man I was a pissed off publican. 25 yeas ago, I was trying to pay off a hospital bill for my kid still. A little over 100k.. That took 12 years.. He's all good now.. :-)

I paid a lot of STATE taxes through EBay last year, too. Close to 11% on every single purchase. NUTS HIGH taxes..

They all collect taxes now. I just wonder if the state is getting it? I'll bet there is a LOT of "Tom Foolery", with the funds.. just too much money NOT to get messed with..

You aught to see Weed taxes in CA.. over 20% + state taxes.. THIEVES!

Regards