It was very easy through TurboTax. It is under 1099 MISC and other common income. Just select 1099K and it will direct you through the process. It literally took 5 minutes. I just need to keep my receipts. On the work sheet you check payment for personal property sold at a loss.
got my PayPal 1099 /// what now?
I assume I owe income tax on any profit I made selling an item, which is probably a loss on most things. Which means I have to show what I paid for the item.
Anybody have any idea on how to go about this. Some things I sold in 2024 I bought over 20 years ago so no way I have proof of purchase. Example.. I sold my 20+ year old Avantgarde Duos for $7K that I paid $10K for.
PLEASE don’t turn this into a PayPal bashing fest or start preaching about the IRS or tell me how stupid I was to use PayPal.
I am only interested in ideas on dealing with the tax implications
thanks