So many variables/possibilities (why I mentioned contacting a tax attorney). Wish I could better advise you, but- my tax situation is vastly different.
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?
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?
Showing 3 responses by rodman99999
You’re being stuck/1099ed for supposed, "profits". The only option is filing a long form (a 1040, the long way); deducting whatever might be considered, "business expenses". ie: https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses Only you can determine if it’s worth the time/effort (possibly: business license, contacting tax attorney, etc). Remove the space between, "the" and, "IRS"; to find the government’s foundational attitude, toward your finances.
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