Greta
Level 9
12-22-2022
02:21 PM
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A handful of clients received 1099-Ks last year for selling used personal items of clothing etc. The items were bought years ago for much more than sales price. I put it on Sch C and washed it to zero net, since we are not allowed to take a loss on sale of personal items. This was not a business as such. City Hall seeing a Sch C sent them a letter requesting a business license. NYTimes article today warns to expect more of these 1099-Ks since the limit of sales is now a mere $600. How have you handled this?
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