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corinne91
Level 4
March 31, 2026
Question

1099 k expenses

  • March 31, 2026
  • 2 replies
  • 0 views

client received 1099-k from paypal for 1500.00 states he has a profit of roughly 400.00 on the paypal it shows each month what he earned. Sold misc. items nothing of real value as a hobby.  Do I report how much it was sold for on Schedule D. to reflect the profit or is there another way of doing this

thank you so very much  you guys are great!

2 replies

dascpa
dascpa
Level 11
March 31, 2026

Look on the bottom of the 1099-K worksheet. You'll see your answer there.

    I
    IntuitAnnetteB6
    Level 2
    April 1, 2026

    Yes, the profit from selling personal items is reported on Schedule D.

     

    @corinne91 

    BobKamman
    BobKamman
    Level 15
    April 1, 2026

    Lots of random Intuit employees popping up these days with wrong answers.  Nothing in the question indicates these are personal items.  Taxpayer says he has a profit.  Is he shopping at yard sales and selling the next day online?  That is a business activity, and should go on Schedule C.  If he insists it's a hobby, then it goes as other income (I would use the gross of $400) with no deductions allowed.  Not Schedule D.  

      sjrcpa
      sjrcpa
      Level 15
      April 1, 2026

      @BobKamman But they're Tax Experts! 🤣

      The more I know the more I don’t know.
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